Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Africa-focused junior miner Firestone Diamonds reported that the quality and value of diamonds recovered at its Liqhobong plant in Lesotho has improved since the company shut down the plant in July.
“We are happy with the progress that we have made at the pilot plant in September which has continued into October, after overcoming technical and weather challenges in July and August,” said CEO Tim Wilkes in a press release.
The pilot plant at Liqhobong was shut down for 14 shifts in July to upgrade the equipment needed to reduce diamond breakage of the larger stones. Firestone had previously recovered fragments of what appeared to be five stones of over 100 carats each.
“The change in the amount of whiter stones recovered is also encouraging which should continue on an upward trend as the mine plan calls for more of the higher grade, larger stone bearing areas of the pit to be mined during the remainder of the year,” Wilkes added.
The company has scheduled a dual tender to be held in the next two weeks in Gaborone and Antwerp.
