Firestone Diamond Signs Botswana Deal With De Beers

Firestone Diamonds plc has signed two joint venture agreements with De Beers covering its Orapa and Jwaneng kimberlite exploration projects in Botswana. 

The projects are considered to be highly prospective for hosting diamondiferous kimberlite as they are located close to the Orapa and Jwaneng diamond mines - the two richest diamond mines in the world, which produce around 29 million carats per annum with a value of more than $2.5 billion. 

Much of the area covered by the Orapa and Jwaneng prospecting licenses has never been fully explored using modern geophysical exploration techniques. 

Under the terms of joint venture agreements, De Beers will finance and carry out all exploration and evaluation work on the Orapa and Jwaneng projects, up to and including the completion of bankable feasibility studies on any kimberlites discovered in each project area, in return for a 61 percent interest in each project.

Firestone also said that significant progress has been made in exploration work carried out by De Beers on the Mopipi joint venture project in Botswana.

Philip Kenny, CEO of Firestone Diamonds, said,  “Firestone currently controls the largest portfolio of diamond exploration rights around the two richest diamond mines in the world.  The signing of these two new joint ventures with De Beers indicates that they also believe that the potential for the discovery of new diamondiferous kimberlites in these areas is very good.”

He added that the partners were confident that significant progress towards realizing the potential of the projects could be achieved in the coming year.