Firestone Diamonds Share Discussion Threads

[abtwo] 23/10/2019 15:09

Clearly something is not right with the processing plant :

"....Mining continued in predominantly the higher-grade southern part of the pit during the quarter..." but "....recovered grade continued to be lower than the expected reserve grade..."

If the high grade ore is only producing recoveries of 20.9cpht then I hate to think what happens when they start mining the low grade areas!!

[andy] 23/10/2019 11:24

dave,


I am forced to agree, sadly, these results are awful and then we have this loss of $1.8 million to contend with, let's hope it's covered by the insurance!

-------

Impact of Power interruption

The power interruption that affected operations since 1 October is expected to result in the loss of just over one month's production, as plans are currently underway to resume operations during early November.


In addition to the loss of revenue, the Company has continued to incur fixed operating costs of approximately US$1.8 million during October.


The Company is working with its insurance broker to assess the extent to which the interruption is covered by its business interruption policy.

[davethehorse] 23/10/2019 11:19

Looks a basket case Andy, end game imo..

[andy] 23/10/2019 11:13

Average value per carat has fallen from $71 to $63!

And no mention of the prices achieved for the larger fancies!

-------


Diamond Sales and Market Outlook

A total of 168 612 carats was sold in the quarter (Q4-FY19: 177 521 carats), realising revenue of US$10.6 million (Q4-FY19: US$12.7 million) at an average value of US$63 per carat (Q4-FY19: US$71 per carat).


Average diamond values were lower than the previous quarter despite the sale of several notable stones which included a 37 carat fancy pink stone and a 55 carat fancy yellow stone, due mainly to the sale of fewer high value stones and a slightly higher proportion of smaller goods.


The prices realised for the smaller goods that make up the bulk of our production by volume, remain subdued, impacted by a build-up of rough and polished inventory in the midstream. Prices are expected to increase towards the end of 2020 as rough supply decreases as a result of continued reduced sales volumes by De Beers and Alrosa and the anticipated closure of the Argyle mine in Australia.

[resourceful] 23/10/2019 10:39

sorry for them
diamond prices falling
no production
when they get back higher costs
and the rainy season coming

[andy] 23/10/2019 09:13

Astjgroom,


"on hold" is a best case scenario, IMHO.


I think the coming dilution will weaken the shareprice further, the closure of Argyle isn't going to save FDI IMO, although it may help prop up the already weak diamond market.

[astjgroom] 23/10/2019 08:18

This share price is on hold until Argyle closes and prices recover. Also depends on global macro environment. Finally, better production n bigger finds would also help.

[andy] 22/10/2019 15:15

dave,


Yes I think you're right, I cannot see any bull case here at all.

[davethehorse] 22/10/2019 15:11

Not sure Andy, speculators I suppose but they probably know little and are just rolling the dice

[andy] 21/10/2019 23:46

FDI up 10% today on low volume, but some people seem to think it's worth a punt.


I do wonder why anyone would buy now, with further dilution to come.

[andy] 21/10/2019 10:05

Ab,


I agree, and even of FDI do remain listed, shareholders are going to be diluted to practically nothing anyway, IMO.

[abtwo] 21/10/2019 08:44

@Andy, and does not bode well for FDI - looks terminal for FDI to remain public/listed?

[andy] 20/10/2019 10:37

This doesn't read well for diamod prices in 2020:

[andy] 17/10/2019 18:32

They sneaked this one out at 17.30!



RNS Number : 3006Q

Firestone Diamonds PLC

17 October 2019

Firestone Diamonds plc

("Firestone" or the "Company")

Results of General Meeting

Firestone Diamonds plc ("Firestone" or the "Company"), the AIM-quoted diamond company, is pleased to announce that at the Company's General Meeting, held earlier today, all the resolutions proposed (the "Resolutions") were duly passed. Detailed results of the vote are set out below:


RESOLUTION FOR % FOR AGAINST % AGAINST WITHHELD TOTAL
1 451,240,096 99.99% 30,859 0.01% 10,324 451,281,279
------------ ------- -------- ---------- --------- ------------
2 451,238,328 99.99% 31,731 0.01% 11,220 451,281,279
------------ ------- -------- ---------- --------- ------------
3 127,793,983 99.98% 27,910 0.02% 13,444 127,835,337
============ -------- ---------- --------- ------------
4 127,793,802 99.98% 27,910 0.02% 13,625 127,835,337
------------ ------- -------- ---------- --------- ------------
5 451,238,784 99.99% 27,926 0.01% 14,569 451,281,279
------------ ------- -------- ---------- --------- ------------
6 451,231,792 99.99% 34,691 0.01% 14,796 451,281,279
------------ ------- -------- ---------- --------- ------------
7 451,237,124 99.99% 27,745 0.01% 16,410 451,281,279
------------ ------- -------- ---------- --------- ------------

For more information please visit: www.firestonediamonds.com or contact:


Firestone Diamonds plc [phone]
Paul Bosma
Grant Ferriman

[andy] 16/10/2019 09:27

AB,


Last year they were in September, the year before 1st of December.


As good news travels fast, I'm expecting December this year......

[abtwo] 16/10/2019 08:09

Final results for the year ended 30 June 2019 expected when?

[gbgold1] 15/10/2019 15:55

Even on a merger the shares will be exchanged for next to nothing.

[andy] 15/10/2019 15:35

"Down, down, deeper and down"


The coming dilution will be massive, PI's will be virtually wiped out IMO.

[davethehorse] 15/10/2019 15:33

Yes its shocking, going to be nothing left for PI's it seems, looking likely it will be taken private by the big stakeholders unless they get a merger with another company.

[davethehorse] 15/10/2019 15:29

I think I know which song, used to head bang to that back in the day!

[andy] 15/10/2019 15:24

dave,


Not for the first time either!

[gbgold1] 15/10/2019 15:24

Surely in the contract they would have something to do with recovering the cost of power supply disruption. So any additional cost in hiring generators could be reclaimed?

Dave, you are correct. Why not have a backup plan. Unless the mine was constructed on the cheap!

Every announcement the company makes is bad news. Nothing ever positive. Nothing about large diamonds being found. Nothing about Directors backing the company they work for. It’s all doom and gloom. I honestly fear the worst is just around the corner. From the high of 2 years ago it’s now at the brink of collapse :-(

[davethehorse] 15/10/2019 15:16

Smacks of very poor planning and management imo