Firestone expects diamond prices recovery

[miningmx.com] – FIRESTONE Diamonds, which yesterday raised $222m for the development of the main pipe of the Liqhobong mine in Lesotho, expected diamond prices to recover.

Speaking to Bloomberg News, Firestone Diamonds CEO, Stuart Brown, said: “There’s an element of confidence there. By 2016, we see the market to be much more positive’.
Firestone raised $222 million by selling shares and taking on debt to fund the development Liqhobong, said Bloomberg News.

The company, which has previously struggled to develop the project, targets annual production of 1 million carats by 2016, the newswire service said.

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