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Firestone Diamonds Liqhobong mine operating at full capacity again
4th Dec 2019 07:36
(Sharecast News) - Firestone Diamonds said on Wednesday that its processing plant at the Liqhobong mine can operate at full capacity again after stable grid power was restored.
The diamond miner, which has operations in Lesotho and Botswana, said the Lesotho Electricity Company's Muela hydropower station was brought back into operation on 1 December following a two-month shutdown for maintenance work.
The power interruption occurred from 1 October and the processing plant resumed production on 26 October when diesel generators were commissioned. This provided sufficient power for the plant to operate at 80% to 90% capacity.
Firestone said additional costs associated with operating the rented diesel generators during this period were about $1.1m and an insurance claim in respect of the profit loss and additional operating costs is currently being compiled.
At 1300 GMT, the shares were up 113% at 0.91p.
The diamond miner, which has operations in Lesotho and Botswana, said the Lesotho Electricity Company's Muela hydropower station was brought back into operation on 1 December following a two-month shutdown for maintenance work.
The power interruption occurred from 1 October and the processing plant resumed production on 26 October when diesel generators were commissioned. This provided sufficient power for the plant to operate at 80% to 90% capacity.
Firestone said additional costs associated with operating the rented diesel generators during this period were about $1.1m and an insurance claim in respect of the profit loss and additional operating costs is currently being compiled.
At 1300 GMT, the shares were up 113% at 0.91p.