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

Al,

Agreed, nothng wrong with taking a profit but i fel it's bst to remain a holder, as this story still has enormous potential IMHO.


Aldwick,

Interesting article, but fortunately FDI are alluvial mining, rather cheaper than deep pit!

If De Beers lay off their workers, I wonder what that will do to the supply defecit of gem quality diamonds, and hence the price?

Another very poor day. Surely this is more than profit-taking now? I'm hoping not but falling by almost 20% in 3-4 days is worrying.

queen1,

I agree, it does appear to be, but they were mostly small(ish) sells, private investor size.


It ran up pretty quickly on no news, so maybe this is the reaction to such a move?

it did bounce a bit (2p) at the end, so maybe the sell off has been overdone?

Still watching. Gotta hold here surely.

I hope so Andy & Big Al. Down again today though. If it is private investors, what has sparked the mass exodous? Although I have a very diversified portfolio my largest holding is FDI so I need these to resume their northerly path...

all support has gone get out if in profit maybe the sp went a little to high too fast.

What the hell sparked the raise in the first place was it inside info that proved wrong, nearly all the trades seemed to be small retail or where they ment to look like they where, I suppose that FDI workers hold small amounts of stock.

Thanks for the de-ramp sirthingy.

Decent volume spike to support the bounce today.

No position at present.

well queen i only tell the truth but now supporting as the sp has a tad been over sold far too much in 6 days!!!!.
so a buy at this juncture

I'm sure your post had the best intensions but I would debate that "all support has gone, get out" is truth. Sounds more like an opinion to me which is fine, if unsubstantiated.

Big daily hammer with big volume to support it.

Looks healthier, but what a drop past few days.

and yes queen was that not the case in the last 5-6 days? plz check my advfn posts.
i do this for a living and been doing it for 6 yrs so i belive i know what i am talking about .

Does that mean I'll be charged a fee for the advice?

Al,

yes nice to see a blue day with decent volume!


Queen1,

LOL!

I personally think the price got ahead of itself, and I hope that the correction is now over. Healthy volume on a blue day.

FDI have so much potential in both S.Africa and Botswana, and the chance of an update in March / April must surely be on the cards?

Andy, I think so too which is why I've stuck for the moment, breaking my own rules when it fell through my sell limit. I have a feeling about it which I know is totally unscientific. Good job I don't do this for a living, heh?

they say women make better investors than men......amongst other things I'm sure

Excuse me?

a compliment, queen1

yeah right lol.