About Liqhobong Mining Development Company (LMDC) 

The Liqhobong Diamond Mine (‘Liqhobong’ or the ‘Project’) in Lesotho is Firestone’s principal asset, and was acquired as a result of the acquisition of Kopane Diamond Developments plc in September 2010. Liqhobong is located at the head of the Liqhobong Valley in the Maluti Mountains of northern Lesotho and is operated by Liqhobong Mining Development Company (Proprietary) Limited (‘LMDC’), which is 75% owned by Firestone Diamonds and 25% owned by the Government of Lesotho.

Trial production commenced at Liqhobong following the commissioning of the pilot plant, from July 2011 until October 2013, which produced in excess of 325,000 carats. Through the operation of the pilot plant, the Company was able to confirm the quality, grade and size of stones present at Liqhobong, as well as understand the characteristics of the ore body.

The Company completed the definitive feasibility study (“DFS”) for Liqhobong in October 2012 which set out the basis for an open pit mine with a 15 year life and a Main Treatment Plant (‘MTP’) capable of an annual production of 3.6 million tonnes yielding in 1 million carats.

On October 2016, Firestone published an updated life of mine plan (“Mine Plan”) and a Diamond Resource and Reserve update for the Project. The updated numbers were as a result of construction activities being 49% complete and a series of extensive work streams to further de-risk the project over the course of the last 12 months.

The definitive feasibility study announced in November 2013 (“2013 DFS”), indicated a base case post-tax, pre-financing NPV at an 8% discount rate of US$379 million and an IRR of 30%, with an upside potential post-tax, pre-financing NPV at an 8% discount rate of US$728 million and an IRR of 45%. The revised economics in October 2015 presented a higher base case post financing NPV at an 8% discount rate of US$389 million and an improved IRR of 42%. The Project has broadly similar economic returns when compared to the 2013 DFS, but with a significantly de-risked operational start up and delivery. The upside pricing option previously run at US$156 per carat has not been updated to 2015 estimates as the Company remains conservative in its view on diamond pricing, when taking the current market conditions into account. However, the Company remains confident that the long-term supply and demand fundamentals for the diamond industry remain robust.

The new Diamond Resource reflects a number of changes, which include a new geological model with reduced volumes at depth due to the pipe tapering, the removal of the boart carats, as the Company is focusing on gem diamonds, an increase in the BCO to 1.25mm from 1mm, to align to the new treatment plant’s BCO which was determined as being optimal during the 2013 DFS, and depletions as a result of the pilot plant production which was closed in 2013. These changes have had the effect of reducing the overall Diamond Resource grade from 33 to 28 carats per hundred tonnes (“cpht”) and the total Diamond Resource carats from 29.7 to 23 million carats (“mct”). As a result the undiluted Mine Plan grade has reduced from 32 cpht to 27 cpht, thereby resulting in a 17% reduction in the overall carats recovered over the Mine Plan, which is partially offset by an increase in the diamond price as described below. When combined with the reduced waste stripping associated with the new split shell mine design, the favourable Rand: US Dollar exchange rate and the changes to the modelled cash flow, the overall Rand revenue per tonne for the Mine Plan has improved.

 

 

Job Purpose

Responsible for the development, implementation and success of the overall finance strategy. Also for the control of the full financial function of the company in order to secure the assets of the company and to provide information for decision making by the Board of Directors and senior management.

 

Main Duties and Responsibilities

1. Planning, Development and Implementation of Finance Strategy

• Develop standard accounting operating procedures to maintain a high level of accuracy and efficiency in financial reporting
• Prepare financial reports for decision making at the senior management and Board level
• Act as custodian of the control environment
• Ensure adherence with policies and assist in driving company strategies as prescribed by the Board
• Compile quarterly financial results for presentation to the Board
• Prepare interim and annual financial statements for the company
• Present the annual budget to the Board for approval
• Responsible for directing and leading the activities of the Finance department
• Develop and implement policies, procedures and standards related to management and control of the Mine’s budget

2. Financial forecasting and control

• Manage the audit process for annual and interim reports
• Review the monthly cost report prepared by the accountant, obtaining sufficient explanations on variances against the approved budget
• Prepare updated forecasts on a monthly basis in order to assess the future performance of the company
• Analyze financial performance and key business metrics
• Identify internal control weakness and risk by continuously evaluating financial systems and reviewing financial data for completeness
• Identify, investigate and analyze potential operational improvements

3. Continuous Learning and Compliance

• Ensure the timeous submission of statutory returns and compliance with all regulatory, statutory and all other legal requirements
• Ensure compliance with and manage performance against commercial contracts
• Assist in resource identification, performance evaluation and overall management of the finance team
• Review HR policies and approve periodic payments to staff together with HR
• Provide advice on and contribute to all financial decisions in Company

 

Profile

Qualification

• Chartered accountant qualification

Experience and Skills

• 10 years finance experience with at least 5 years’ experience in a senior management position
• Experience in a mining, industrial or manufacturing environment
• Experience in legal compliance
• Member of a Professional Accounting body for 10 years
• Advanced excel skills and in – depth knowledge of financial reporting
• Knowledge of ERP systems and system implementations
• Organizational and planning skills
• Excellent written and verbal communication skills
• High-level involvement
• Sound judgment and decision making
• Attention to detail
• Confidentiality and Integrity
• Strong leader and team player – but also ‘self-starter’
• Business, Financial analysis and excellent system
• Confident commercial negotiator s skills
• Presentation skills

 

How to Apply

Since LMDC has requested KM Global Consulting with the recruitment, all applications must be sent directly to info@kmglobalconsult.com stating LMDC-FM-Lesotho in the subject line.