Avontuur Mine, Namaqualand, South Africa
Firestone's Avontuur Mine is located near the coastal town of Hondeklip Bay in Namaqualand. Hondeklip Bay is a well established alluvial diamond producing area and hosts De Beers' Koingnaas Mine and Trans Hex's Hondeklip Bay Mine. These mines have been producing diamonds for 20 years and 15 years respectively and are estimated to have yielded in excess of 10 million carats (2,000 kg) with an estimated value of over $1 billion at current market prices.
Firestone has recently completed a major expansion programme at the Avontuur Mine, resulting in the integration of two previously separate and adjoining operations on the Nova and Gras Kom properties into a single expanded operation centred on the Avontuur Mine.
Earthmoving capacity has been more than doubled to over 1 million tonnes per annum, gravel treatment capacity has been increased by 60% to approximately 320 tonnes per day, and exploration drilling capability has been increased tenfold.
Recent drilling on the mine has also led to the discovery of a number of new gravel deposits, and while further evaluation of these deposits is required, the Company is confident that they will result in an increase to the mine's reserves.
Diamonds produced from Avontuur average approximately 0.2 carat (40 mg) in weight and more than 80% are of gem quality and good, white colour. The largest diamond recovered to date weighed 1.9 carats (380 mg). Firestone markets its diamond production independently of the CSO by private tender, and sales are held several times a year in South Africa. The high quality of the Avontuur gem stones ensures that Firestone receives better than average prices for its diamonds, and in recent sales prices have averaged between $100 and $110 per carat.
Read more about this topic: Firestone Diamonds
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