Liqhobong timeline
1950’s
- Ore bodies discovered in the Maluti Mountains of northern Lesotho
1990’s
- First large scale evaluation programme undertaken on the Main Pipe
- Comprised satellite and main pipes – 8.6 hectare of kimberlite pipe, contains probable Diamond Reserve of 9.5 million carats
2005
- Production commenced at Satellite Pipe
2007
- Definitive Feasibility Study for development of Main Pipe commenced
2008
- Production suspended at Satellite Pipe
2010
- Liqhobong was acquired by Firestone Diamonds from Kopane Diamonds for US$71 million
2011
- Production restarted by Firestone Diamonds. Pilot plant, produced in excess of 325,000 carats
- High incidence of fancy yellow stones and potential for large stones
2012
- Completed DFS which set out the basis for an open pit mine with a 15 year life, producing 3.6 million tonnes per annum, yielding in excess of 1 million carats
2013
- Restructuring in place, new CEO, Stuart Brown joined Firestone Diamonds
- Production suspended immediately
- Update the DFS, revalidated initial capital expenditure for the Project and confirmed economics for Liqhobong
2014
- Firestone raised US$222.4 million to bring Liqhobong into production, targeting 1 million carats per annum
- Construction activities commenced
2015
- Revised Mine Plan completed. Base case, post financing, NPV of US$389 million (8% discount rate), IRR of 42%, payback of 4.1 years
2016
- Construction completed
- First diamond recoveries commenced, recovery of special stones and fancy yellow diamonds
2017
- First sale in February
- 110 carat gem-quality light yellow diamond recovered