Namdeb, Firestone deal pending

FIRESTONE Diamonds has been selected by Namdeb as the preferred supplier and operator for the dredge and floating treatment plant (FTP) project at its mining operations, Proactive Investors reported.

Contract negotiations are set to be finalised following the review and approval by the Namdeb board of the joint feasibility study, the website said. The study, which is being completed by Firestone and Namdeb, is expected to be presented to the board later in 2010.
The plant is expected to have capacity of 11,5 million tonnes per annum and a minimum life of 15 years. It will be constructed by Firestone for Namdeb and operated on a toll treatment basis.
Production is expected to commence in 2012.
“Being selected by Namdeb, one of the world’s leading diamond producers, for the FTP project is a reflection of the significant operating capability that Firestone has developed. This project...represents a further opportunity for the company to supplement cash flow from our own mining operations at BK11 in Botswana with cash flow from long term, low risk toll treatment projects,” said chief executive of Philip Kenny.
The FTP plant is expected to cut operating costs by removing overburden using a dredge and treat diamondiferous gravel.
Shares in the company rose 2,6 per cent on the news.
Firestone has recently been selected by Debswana for a toll treatment tailings processing project at the Jwaneng mine in Botswana.
– proactiveinvestors.com