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Firestone Diamonds reported a fall in revenue in its fiscal first-quarter as diamond recoveries and sales slipped as a subdued pricing backdrop continued to keep a lid on growth.
Diamond recoveries fell to 201 091 carats in the first quarter from 208 572 carats in the final quarter of last year, but operating cost fell to US$10.32 per tonne, below guidance, from US$12.57 per tonne in the fourth quarter of last year.
During the quarter, a single sale took place of 168 612 carats, producing revenue of US$10.6m, down from US$12.7m in the fourth quarter of last year, at an average value of US$63 per carat, down from US$71 per carat.
'As announced previously, power supply to the mine was interrupted on 1 October, since which time, the mine's treatment plant has temporarily suspended operation until power is restored,' the company said.
'The company anticipates that production at the mine would recommence in early November, once the rented diesel generators are on site and connected to the mine's electrical infrastructure,' it added.
At 8:41am: (LON:FDI) Firestone Diamonds PLC share price was -0.1p at 0.53p