The company has selected South African advisor Questco to manage the sale process.
The sale includes the BK11 mine which was placed on care and maintenance in February 2012, as the company planned to focus on its interests in Lesotho. It also includes a 5 tonne per hour (tph) bulk sampling plant, a 25tph pilot plant and a self-contained diamond recovery grease plant.
In line with this plans, the company raised $225.2m earlier this year.
Firestone Diamonds said: "The Board is of the view that its Botswana operations present a rare opportunity that has the ability to deliver strong returns under the ownership of an operator or operators for whom it would be a core asset."
Located in the Orapa kimberlite field, the BK11 mine is around 7km north-west and 20km south-east of Debswana’s Letlhakane and Orapa mines respectively.
The BK11 mine has the potential to produce 11.5 million tons over its ten year life time, and the yield from its treatment plant could also be substantially improved, the company said.
In addition, the mine has fully commissioned electrical power infrastructure.
