Firestone Diamonds (LON:FDI) released a clarifying statement today relating to a recent press comment in Botswana about their Jwaneng Tailings Project.
In response to the comment published in the Botswana Guardian on the 19th March reading: "Debswana this week stated that they have postponed the completion of the Jwaneng Tailings Project for the next two years", the company issued a prompt response saying the quote was unfounded and incorrect. The company re affirmed, that as per their November 2009 statement, production at the plant in question is anticipated to begin at the end of 2011, with full production attained in 2012. Contrary to the message in the Guardian, their schedule has not changed since then, and they have reportedly re confirmed their position with Debswana. Going forward, the company expects to update its shareholders shortly about the progress at the Jwaneng Tailings Project.
Firestone Diamonds is an international diamond mining and exploration company with operations in Botswana and South Africa. Botswana is the world's largest and lowest cost producer of diamonds, with annual production worth over $2.5 billion, and is considered to be one of the most prospective countries in the world to explore for diamonds. Firestone is the largest holder of mineral rights in Botswana's diamondiferous kimberlite fields, controlling over 25,000 square kilometres around the major Orapa and Jwaneng mines and the entire Tsabong kimberlite field. Firestone has 103 kimberlites in its portfolio, of which BK11 is due to commence production in Q2 2010, and 29 others have been proven to be diamondiferous.
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