Firestone Restarts Operations of Lesotho Diamond Mine
Liqhobong has been in a care-and-maintenance period since the start of the pandemic.
The company, which operates the mine in a 75-25 joint venture with the government of the Kingdom of Lesotho, shuttered Liqhobong in April 2020 due to the coronavirus outbreak and laid off most of its employees.
The mine has been in a care-and-maintenance period since then.
But the company announced in its latest quarterly update that its bridge loan from debtholder Absa was increased from about $2 million to about $11.6 million to fund the restart.
It is also working with Absa on a restructuring plan for its $82.4 million debt, which includes an outstanding balance of $67.6 million.
Firestone said it rehired 97 percent of the staff to their previous positions.
Operations at the mine started on Oct. 1, with the first blast of ore taking place Oct. 8.
Its first sale since restarting operations ended Oct. 14, totaling $2 million in proceeds from the sale of 25,224 carats for an average of $80.60 per carat, which Firestone said was about 10 percent higher than its historical average even though the sale included fewer better quality, higher value diamonds.
For its 2023 guidance, the miner said it expects diamond recovery to be between 620,000 and 650,000 carats.
“The company’s financial position remains very challenging with its high debt levels, and whilst we seek to repay this heavy debt burden over time, subject to continuing favorable market conditions, we expect this to take a considerable length of time,” said CEO Rob de Pretto.
“Notwithstanding this, I am pleased to report on the successful recommencement of operations at Liqhobong after a two-and-a-half-year period of care and maintenance. The smooth ramp-up is testament to the excellent work that was done by a small on-site maintenance team during the care and maintenance period.”
The Latest
Mike Straub and John Treiber opened Treiber & Straub in 1980 with the goal of bringing Milwaukeeans the best jewelry brands.
The color for 2025, “Mocha Mousse,” embodies thoughtful indulgences and everyday pleasures.
The Yoruba word for ant, “Kokoro” embodies the strength of womanhood in ant society while highlighting responsible sourcing.
While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.
The retailer’s jewelry sales doubled, with branded jewelry performing especially well.
The jewelry retailer addressed the lab-grown diamond “disruption,” the price of gold, and its holiday weekend performance.
A more positive view of the current labor market boosted the Conference Board’s index last month.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
The director of the Swiss Gemmological Institute (SSEF) will be honored for his impact on gemology and dedication to advancing the science.
Sponsored by 2025 AGTA GemFair Tucson
At the annual event, in its second year, the organization honored those making remarkable contributions to the jewelry industry.
Celebrate December babies with 20 pieces of jewelry featuring this month’s birthstones—turquoise, tanzanite, and zircon.
A total of 126 million consumers shopped in stores over the five-day period, about 5 million more than last year.
The FTC’s Jewelry Guides require “clear and conspicuous” disclosure when advertising lab-grown diamonds.
The Type IIa, very light pink colored diamond was the highlight of the recent Hong Kong jewelry auction.
John Willard Craiger, 83, fatally shot jeweler Ghazi “Gus” Michel Osta following an argument in the store.
In his latest column, Smith provides a list of questions every business needs to be asking their next potential leader.
Jérôme Lambert returns as CEO of Jaeger-LeCoultre, while Laurent Perves takes the lead role at Vacheron Constantin.
The extravagant gifts in this year’s “A Neiman’s Fantasy” Holiday Book range from a Messika diamond necklace to pavé diamond cowboy boots.
Owners Greg and Lynn Bires are heading into retirement.
The industry veteran is remembered for his faith, his dedication to his family, his wealth of knowledge and his generosity in sharing it.
PricewaterhouseCoopers’ 2024 holiday trends survey took a 10-year look back to see what mattered to consumers then versus now.
Monique Lhuillier and Kay Jewelers collaborated to create the pieces, which were offered at the recent Baby2Baby gala.
Botswana joins Antwerp as a certification center for rough under the G7 ban on Russian diamonds.
The miner said its November sale, which earned $16.1 million, felt the effect of competitive pricing by a rival Zambian producer.
Mignon Faget honors its hometown of New Orleans with a piece inspired by “The Crescent City.”
The London-based business-to-business diamond and gemstone marketplace just closed on a $51 million round of Series C funding.