Firestone Diamonds reported revenues of $2.5 million in the fiscal year that ended on June 30, 2011 after launching sales of rough diamonds from its Botswana and Lesotho mines. The company posted a loss of $2.3 million for the year, compared with a loss of $1.3 million in fiscal 2010 due mainly to higher expenses.
Firestone explained that rough diamond prices appear to have stabilized after a period of volatility before August. ”Prices increased to record highs in the first half of 2011, but have recently fallen back, primarily due to uncertainty in international financial markets,” Firestone stated.
The company has ramped up production at both its mines with output at the Liqhobong mine in Lesotho reaching 33,930 carats in the first quarter of fiscal 2012, nearly double production in the previous quarter. Similarly, output at Botswana’s BK11 mine tripled quarter to quarter to 4,523 carats in the three months that ended September 30, 2011.
Firestone expects to ramp up production to 1 million carats per year by fiscal 2014.