Firestone Diamonds plc is a UK-based international diamond mining and exploration company with operations in the Namaqualand region of South Africa and Botswana. Namaqualand, which is located on the west coast of South Africa, has been one of the world's largest alluvial diamond producing regions for the past 60 years, with total production to date estimated to be worth more than $3 billion. Botswana is the world's largest producer of diamonds by value, with annual production of over 20 million carats worth over $1.6 billion.

Firestones strategy has been to build a portfolio comprising advanced development and production projects to provide sustainable cash flow to fund ongoing exploration programmes and to provide an early return on investment, together with large scale exploration projects which have the potential to yield significant reserves of gem quality diamonds.

The company operates the Avontuur Mine and the Oena Mine of Namaqualand, which produces high quality alluvial diamonds, and has a growing portfolio of advanced and early stage exploration projects in known diamond producing areas in Namaqualand and Botswana.



Since 1996 the company has increased reserves and resources more than thirty two times from 34,000 carats to over 1.1 million carats at present, with an estimated gross value of approximately 260 million. Firestone is debt free and well funded and has a highly qualified management team with extensive experience in the financing and development of diamond and other natural resource projects. Firestone is quoted on the Alternative Investment Market (AIM) of the London Stock Exchange and trades under the symbol FDI.L.

Firestone also has an exploration project in the USA.



Main Mining Pit, Avontuur Mine, Namaqualand, South Africa.






For FDI Corporate information : http://www.firestonediamonds.com/frcorporate.htm

For FDI homepage : http://www.firestonediamonds.com/index.htm

Firestone Dimaonds shares in issue: 65m 20p Ords

Firestone Diamonds PLC - Major Shareholders

Major Shareholders ---- Amount --- % Holding
Elfin Trust Company Ltd 7,200,000 16.68
Aurora Investment Trust 7,200,000 16.68
Gartmore Investment Mgt 5,418,116 12.56

New article on today's mine announcement NEWS!, click HERE

I'm looking at future forecast earnings here and the ridiculous present market cap......bonkers...! this should be at the very least 50p now......the market is sometimes nuts !.

required field,

Both Andy and myself were at the AGM and were most encouraged, I am sure that Andy won't mind my copying his synopsis here:

A very positive AGM, IMO, and PK and TW presented the BK11 project, and highlighted the rapidity of licence to production, unheard of in Botswana!

Here are some points from my notes, if I have missed anything hopefully one of the other attendees can post or correct later.

----------

BK11

The top 120 metres is soft rock, easily and cheaply processed, and below this is primary kimberlite, which is harder.

Coarser stones at depth may increase the realised value!

Phase 1 production Q2 2010 650,000 TPA
Phase 2 production Q3 2010 1,500,000 TPA
Possible Phase 3 Production Q4 2010 up to 3 million TPA (to possibly include other kimberlites such as BK16 processing.)

Bonte Koe plant expected onsite January 2010.

Initial production will be diesel powered, and will add around $1 to costs, but initial costs may be lower than the $6.50 previously announced, so around $7 until the electric power is connected, around one year or so after production commences.


The key point is BK will act as a hub for neighbouring (within 20km) otherwise uneconomic kimberlites, where the low cost of around US$1 per ton trucking costs would make them economic due to the BK11 infrastructure.

Next projects BK16, and later AK21, AK22, and AK23.

Possible third party processing for other licences in the area, utilising the BK11 infratsructure.


Jwaneng Tailings Project.

This can now move forward as Debswana have resolved their other issues, and still expected Q1 2010.


Tsabong

Dicussions with possible JV partners not fruitful so far, some "opportunistic bids", but not of interest to FDI, who can finance out of production in the future if no acceptable bids are received.

Plus some further comment from myself:

Only detail to add from my notes. A further plus for BK11 is that the Assortment (shape, colour etc) is particularly good. The cheap processing of the soft rock is achieved by 'scrubbing' to liberate the diamonds, instead of expensive rock crushing. Further into the future to follow a successful Tailings plant at Jwaneng, PK anticipates more Tailings plants at other Debswana mines.

Thanks for that...looks promising...

And still no posts!!!!!!!!!

capper

Everyone has gone to ADV....FN! Plenty there!

There is a lovely wave pattern on the chart...ups and down...I reckon that another sharp increase is on the cards just like before and diamonds are coming back into fashion now...

wouldn't it be lovely if we could predict it that way....hope your right rf, have you dipped your toes??

Bought and sold these 3 times on each wave...now back in for another rise....future earnings could be enormous for this company.

The mining licence is graned and production commences, making FDI one of only three junior kimberlite producers in the world!

For full story click HERE

Share price drop on a tremendous addition to the company....I would have have thought that the sp would rise not slump...

Clubby in @ 28.75 this one is going to fly up.

That's what I would have thought....diamond mines are difficult to trade but this one has staggering earning potential !.

Thinking of buying in. I think this is an excellent deal for FDI who now aim to be a mid tier producer (250m+ mkt cap). I think the massive potential in Kopane's main asset will be outed, this has an insitu value of $2.7bn and FDI get all KDD's 75% interest for c.50m. Additionally the terms KDD received in Jan re the MOU agreement demonstrates the interest from other parties to farmin to this asset and the prices they are willing to pay. Not a great deal for Kopane shareholders but one of massive upside for Firestone.

And I think that Firestone will be taken over itself but at a 200p mark up !...not now but a bit further down the line....

Once they start mining which is soon get their acquired Kopane assets producing then agree. They were trading over 200p not that far back but now this has put them in a different league. Demand and prices for diamonds is growing (up 200% in Q1) add to that a rapdily deteriorating supply then FDI are now in a prime position with a huge resource.

Diamonds are forever. Good little stock.

looks more like a stinker .....

I have made a 1000 on each peak.....so this has been good to me.....the value in the ground runs to more than a billion pounds....the earnings can only go one way : up......in a year this will be way up on today's sp.....I can see some majors eyeing this later on without any doubt....

Cynic bets in 1p CFD's so don't listen to his silly views he is a complete wanker.

Watch when this stock rises he will claim to have gone long on it. Allways posts his trades after the event. Unlike Clubby who predicted the Autonomy big fall a day before it actually happened. I rest my case.