StockMarketWire.com - Firestone Diamonds has reduced its production guidance for the year to 30 June 2018 at its 75% owned Liqhobong diamond mine in Lesotho.

The company issued the new guidance after starting a review of its current life of mine plan in order to optimise mining operations at the mine.

Firestone said that as part of this review it would be extending the mining of the weathered kimberlite over the coming months, in order to access the lower areas of the pit that had historically yielded higher grade and higher value diamonds.

The company said it also planned to mine additional waste rock in the coming year, in order to improve the long term mining operations.

It added: "As a result, although the overall life of mine carats is not anticipated to change, the company now expects to produce between 800,000 and 850,000 carats in FY 2018 (previously 1.0 million carats), which is expected to impact revenues in the current financial year."






At 9:56am: [LON:FDI] Firestone Diamonds PLC share price was -7.5p at 29.5p



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