Full funding round in 2014
As corporate broker to Firestone Diamonds, Mirabaud has acted in seven successive capital raises, culminating in the full funding round for the Liqhobong project completed in January 2014 (75% owned by Firestone Diamonds). The company has secured a US$222m financing package to develop Liqhobong to produce more than one million carats of diamonds p.a. from 3.6m tonnes processed. Full nameplate production capacity is expected to be reached in mid-2016.
Institutional and strategic investors
The amount raised in 2014 will enable the company to build the main treatment plant for Liqhobong. Of this total, US$82m was project debt and US$140m was equity and mezzanine finance from strategic and institutional investors. Mirabaud introduced Resource Capital Funds as a strategic investor to Firestone Diamonds and placed 75% of the US$40m institutional placing.