(IDEX Online News) – Diamond development company Firestone Diamonds plc has provided an update on its 75-percent owned Liqhobong Diamond Mine, announcing that construction was 72-percent complete as of March 31.

The company said that favorable weather conditions and the granting of further licenses by the Lesotho government have enabled the completion of a number of key project components. In particular, Firestone said that it has continued its water storage activities and now has in excess of 500,000 cubic meters of water on site – sufficient for the first year of production.

The project remains within it $185.4 million budget. At the end of March, ZAR1.5 billion ($129.9 million) or 70 percent of the revised ZAR2.1 billion budget had been spent.

“Firestone remains fully funded to completion of the project, production ramp up and the first sale of its Liqhobong diamonds and I look forward to providing further updates as we move towards project commissioning in Q4,” said Firestone CEO Stuart Brown.