Firestone Diamonds H207 Turnover Up 224%

Firestone Diamonds plc saw its turnover for the six months ended December 31 increase 224 percent to $1.9 million year-over-year, and profit for the period totaled $2.9 million, a result of the disposal of its interest in African Diamonds plc.

The company operates a toll treatment plant in a joint venture with De Beers at Bonte Koe in South Africa. The expanded plant’s full design capacity of one million tons per annum was realized during the period, a development to which the company’s turnover increase was primarily attributed.

The company noted that the most significant development during the period was due to an initial evaluation performed at Tsabong, in Botswana, which contains 83 known kimberlites. The Tsabong kimberlites were found to be located in a similar geological setting to the major Jwaneng mine, and to potentially contain economic, large-sized diamondiferous kimberlite deposits.

Firestone is currently exploring for additional kimberlites in the area, in which two new pipes were found during the six-month period.