Firestone Diamonds Share Discussion Threads

[teemore] 04/12/2015 21:22

Andy- when they go into production what is their planned extraction rate/year

[andy] 04/12/2015 08:52

Varrirob,

Yes I attended,and it was the shortest AGM ever!

Due to the tube problems I arrived five minutes late and they were voting the last two resolutions and then closed the meeting!

I had a decent chat with Stuart Brown afterwards and things appear on track, with the fall in the rand v US$ helping FDI and giving them a healthy margin against any potential cost overruns.

They have 600 people working on site, electricity connected, good weather means they are slightly ahead of schedule, and still on budget. All Looking good, IMO.

The only dark cloud on the horizon is rough diamond prices falling, and possibly another recession if you're a bit pessimistic like me.

All in all a positive meeting and they certainly have good people that wil bring FDI into production, of that I'm sure.

[abtwo] 04/12/2015 01:55

From Rapaport TradeWire December 03, 2015:

Rio Tinto Sees mid-2016 Rough Price Drop

Rio Tinto expects rough diamond prices to decline by the middle of next year, Jean-Marc Lieberherr, managing director of the company’s diamond unit, told Bloomberg Television.

“There is a need for the rough prices to adjust to the economic value of the polished price and that trend is in motion at the moment,” Lieberherr said in an interview broadcast Wednesday. There’s a disconnect between prices for rough diamonds and polished ones, he said. The executive said a “logjam” of diamonds held by the industry’s midstream -- traders, cutters and polishers -- will clear by the middle of next year as rough prices decline.

[varrirob] 02/12/2015 10:33

Hi Andy, not sure if you made it today and I had every intention but I couldn't even get to the station this morning due to the incidents on the M1 as the diverts took the traffic all around where I live.

[earnestwipplethwaiteiii] 24/11/2015 13:36

Andy - more to do with the director buys the other day, IMO. There are people who think that such action is a reason to buy, and then follow. I can't think why, in my experience company directors more often than not choose the worst possible time to show their enthusiasm.

[andy] 24/11/2015 13:18

Not many trades today, I wonder if FDI were tipped somewhere yesterday,or a broker note released?

Par for the course when the share price is under pressure, very light trading today suggests there was a reason for yesterday's flurry of trades after the 1.4 million sell was reported.

[andy] 24/11/2015 13:18

Not many trades today, I wonder if FDI were tipped somewhere yesterday,or a broker note released?

Par for the course when the share price is under pressure, very light trading today suggests there was a reason for yesterday's flurry of trades after the 1.4 million sell was reported.

[andy] 23/11/2015 09:53

Earnest,

Agreed, it looks like a very painful exit.

18 trades so far this morning, all small, but brisk, so maybe now the 1.4 million sale is out of the way it will rise a bit?

[earnestwipplethwaiteiii] 20/11/2015 01:28

Whoever it was must have taken an absolute bath. This is bouncing along at or near record lows. And as Andy says, the MCap still looks rich, given the prevailing uncertainties.

[valentine] 19/11/2015 18:36

Another fist-size diamond found. But not FDI, unfortunately

[andy] 19/11/2015 18:23

Come on, admit it, who bought some?

edit

Just looking at the trades, a 1,450,000 sale (IMO) wen through and then they adjusted the bid slightly higher,so maybe that was causing the recent drop as they worked that through?

I wonder what their purchase price was?

[andy] 19/11/2015 12:59

Teemore

WOW!


Lucara Diamond Corp (LUC-TSX)

The Botswanean diamond producer has recovered from its Karowe mine in Botswana a truly exceptional 1,111 carat Type IIa gem diamond which could be worth a lot of money.

The stone measures 65 millimetres (mm) by 56 mm by 40mm and is claimed to be the world’s second largest gem diamond recovered and the first from a modern processing plant.

In addition, 813 and 374 carat stones have also been recovered. The 813 carat stone is the sixth largest gem diamond ever found.

[andy] 19/11/2015 08:48

teemore,

Yes I will be speaking to them soon so I will let you know what I think afterwards.

Personally I feel there could still be a way to go here with a £48 Million market cap, there has to be a decent chance of picking these up at 8p if world economic news continues to point to a recession.

[teemore] 19/11/2015 00:21

Maybe it would be a good time to hold a few Luc alongside fdi!

[andy] 18/11/2015 16:38

earnest,

A few "ifs" there!

I have always thought there would be an opportunity to buy low here, and I'm feeling optimistic that sub 10 P will be available at some point, and that might well be the time to buy....

But any more bad news from the diamond market, and the financing may be an issue, I wonder if it's all already in?

Genuine questions. I will try and attend the AGM to ask them.

[gobbyash] 18/11/2015 15:07

I'm thinking of selling my shares and buying a metal detector instead ;-)

[andy] 18/11/2015 14:54

Earnest,

£48 million.

Sadly mining companies normally surprise to the downside, either on completion date slippage or budget overruns.

Sub 10p could well be a good entry point, it's all about patience now I think.

[earnestwipplethwaiteiii] 18/11/2015 13:13

Still an awfully long time before startup, Andy. Lots could happen. What's the MCap now?

[andy] 18/11/2015 12:54

SP holding steady today,only 2 trades for less than 6,000 shares in total, one buy and a sell.

Spread is 15p - 15.44p

Has equilibrium between buyers and sellers been reached?

[andy] 17/11/2015 21:09

Down again today, cancelling my 12p bid in case it gets hit!

[andy] 16/11/2015 20:13

Another 12.3% down today, the fall is beginning to become precipitous!

I'm beginning tot hink a buy in singe figures may soon be possible.

It looks as thought the the world diamond sector downturn is having an effect now.

I wonder if there is a point where the FDI might stop the construction in light of the current situation with diamond prices?

A question for the AGM maybe?