Obtala Resources Ltd has sold its entire holdings in Firestone Diamonds - over 22 million shares – for £4.937 million, financial news outlets report.

Obtala announced that Firestone Diamonds recently completed a takeover of Kopane Diamond Developments, in which it had acquired a £1.75 million interest in March

Frank Scolaro, Obtala's chairman, stated that the profit realized by selling its investment in Firestone Diamonds secured the firm's cash position. In addition, Scolaro said, the sale would provide his diamond company with working capital to develop its portfolio of projects.