M&C Saatchi – how long is “the foreseeable future” for which it “remains confident about the liquidity status”?
Tom Winnifrith Bearcast: This is NOT a late April Fool: Bear raider Evil Knievil turns mega bullish on shares
Shares in Firestone Diamonds (FDI) are currently more than 65% lower at 0.33p on the back of a quarterly update including “impacted by… power disruption… Lower cash balance at 31 December 2019 of US$17.0 million (Q1: US$21.8 million)”… and “Proposed cancellation of AIM listing”…
For a company which has lost three quarters of its AIM value in 17 years, Firestone Diamonds (FDI) sounds determinedly positive about present prospects for its flagship Liqhobong kimberlite project, holding an estimated 23 million carats in the gem-rich southern African kingdom of Lesotho. With its shares down at 24.5p from a 2-month high of 37p and 1998’s float price of 114p, Firestone, which trimmed its losses by $800,000 to $10.4 million (£6.8 million) in the year to June, is ‘fully funded’ and on track for first production in the fourth quarter of next year, declares chief executive officer Stuart Brown.
John Meyer of SP Angel this morning comments on Avocet Mining, Petra Diamonds, Wolf Minerals and Firestone Diamonds as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Gem counter Firestone Diamonds (FDI) should be ready to produce one million carats a year from its flagship Liqhobong project in the politically-troubled southern African kingdom of Lesotho by the middle of 2016, having halved its pre-tax losses to $11.2 million (£7 million) in the year to June. So says chairman Lucio Genovese, as the AIM-quoted company nears completion of the sale of South African assets and works to dispose of its ‘low-grade, high-value’ BK11 mine in Botswana.
Stuart Brown, the former finance chief of gem giant De Beers who is now running and, it is hoped, reviving AIM dog Firestone Diamonds (FDI), proclaims the company’s new $140 million (£84.5 million) debt and equity financing package as Firestone’s ‘most important milestone’.
AIM-listed diamond miner and explorer Firestone Diamonds (FDI) has announced “our financing efforts remain on track and, if successful, would significantly reduce the equity required to fund the main treatment plant at Liqhobong.
This has been a shockingly bad tip from me. The shares have popped up today. And so...
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