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Lenders to Acquire Stornoway
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Stornoway Diamond Corporation’s major lenders have agreed to take over the company amid mounting debts that prompted the miner to file for protection from creditors.The owner of the Renard mine in Quebec is seeking torestructure...
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Mining
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Sep 10, 2019
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Rapaport News
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Possible Stock Delisting Adds to Stornoway Woes
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Stornoway Diamond Corporation has until December 20 to comply with Toronto Stock Exchange (TSX) requirements or face a delisting of its common shares. “There can be no assurance that the corporation willsuccessfully regain compliance with the TSX...
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Mining
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Aug 25, 2019
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Rapaport News
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Stornoway Diamond Fears for Its Future
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Stornoway Diamond Corporation has given a stern warningabout its ability to remain in business, after failing to find a buyer for the company. The miner had until July 15 to find an investor for its Renard operation as part...
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Mining
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Aug 15, 2019
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Rapaport News
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Let’s Set Our Sights on the Auctions
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De Beers’ first-half earnings highlighted the many challenges facing the diamond trade. But beyond the sharp declines the mining company suffered, CEO Bruce Cleaver and chief financial officer Nimesh Patel were...
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Rough Markets
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Aug 07, 2019
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Avi Krawitz
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Stornoway Prices Continue to Fall
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Rough prices slumped for Stornoway Diamond Corporation inthe second quarter, as market weakness dented demand for the miner’s range ofgoods. The average price of the company’s sales slid 18% to $76 percarat in the...
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Mining
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Jul 11, 2019
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Rapaport News
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Struggling Stornoway Seeks Buyer for Renard
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Stornoway Diamond Corporation is looking for investors to help salvage its Renard mine as the company continues to incur high financial losses. The miner called for offers to purchase its Canada operations after receiving $11.7...
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Mining
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Jun 11, 2019
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Rapaport News
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Stornoway Loss Deepens Amid Slow Market
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Stornoway Diamond Corporation fell deeper into the red inthe first quarter, as rough prices softened, it saidMonday. The miner recorded a net loss of CAD 48.4 million ($36million) for the three months ending March...
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Mining
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May 14, 2019
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Rapaport News
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Stornoway to Suspend Open-Pit Operations
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Stornoway Diamonds will halt open-pit mining atits Renard deposit in an effort to cut costs. The Canada-based miner temporarily suspended activities and shut down aportion of its equipment starting this month, it said last week....
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Mining
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Apr 14, 2019
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Rapaport News
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Stornoway Loss Deepens Amid Renard Delays
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Stornoway Diamond Corporation increased its net loss in2018 after experiencing delays in the transition to underground mining at its Renard project in Canada. The deficit widened to CAD 329.4 million ($246.8 million),compared with a loss of CAD...
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Mining
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Mar 31, 2019
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Rapaport News
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Analysts Expect Flat Rough Prices in 2019
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Rough-diamond prices will remain sluggish this year as themarket challenges that arose in the second half of last year are set to continue,two investment banks have warned.Prices are likely to drop 1% to 2% in the first half of2019,...
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Rough Markets
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Mar 28, 2019
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Rapaport News
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Stornoway Appoints Head of Operations
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Stornoway Diamond Corporation has promoted Patrick Sévigny tovice president of operations with immediate effect, the company said Monday. Sévigny has been with the Canada-based miner since 2015 asmanager of mining operations at its...
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Mining
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Jan 30, 2019
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Rapaport News
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Weakness in Low-Value Stones Hits Stornoway
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Stornoway Diamond Corporation’s sales fell in the finalthree months of last year as weakness in the Indian market dented prices oflower-value rough from its Renard mine in Canada. Fourth-quarter proceeds dropped 35% to CAD 32.1 million($24.2...
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Mining
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Jan 20, 2019
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Rapaport News
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Stornoway Names Patrick Godin as CEO
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Stornoway Diamond Corporation has appointed a new CEO after reporting its third successive quarterly loss. Patrick Godin, Stornoway’s chief operating officer, willsucceed Matt Manson on January 1, the company said Wednesday. Stornoway recorded...
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Mining
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Nov 15, 2018
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Rapaport News
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Stornoway Completes Renard Underground Mine
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The Renard underground mine in Canada is running at full capacity,after a slower-than-expected transition from open-pit operations in the firsthalf of the year, Stornoway Diamond Corporation said Tuesday.The miner is producing 6,039 tonnes of ore per day from...
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Mining
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Sep 05, 2018
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Rapaport News
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Stornoway Reports Loss Amid Renard Delays
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Stornoway Diamond Corporation went into the red in thesecond quarter as delays at its Renard mine resulted in lower-quality productionthan it had anticipated. The miner recorded a net loss of $27.4 million (CAD 35.9million) for the three...
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Mining
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Aug 15, 2018
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Rapaport News
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Renard Output and Sales Fall in 2Q
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Stornoway Diamond Corporation saw production and sales dropin the second quarter amid a slowdown while the company transitions from open-pitto underground mining. The miner produced 223,351 carats from its Renard mine...
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Mining
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Jul 08, 2018
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Rapaport News
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Global Rough Production Surges in 2017
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Global rough-diamond production increased in 2017, mainlydue to new mines in Canada, according to data the Kimberley Process (KP)released last week. Total output rose 29% to $15.87 billion last year, the KPsaid. By volume, production grew...
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Rough Markets
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Jul 08, 2018
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Rapaport News
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Renard Operations to Resume After Fire
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Stornoway Diamond Corporation will recommence operations at itsRenard mine in Canada after a brief suspension caused by a nearby forest fire,it said Tuesday. The miner will start sending staff members to the site onWednesday, and expects...
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Mining
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Jul 04, 2018
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Rapaport News
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Fire Halts Operations at Stornoway Mine
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Stornoway Diamond Corporation has suspended operations atthe Renard mine in Canada due to a local forest fire.The blaze had reached within 100 meters of the mine’s accessroad as of 6:30 a.m. Eastern Standard Time (EST) Monday,...
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Mining
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Jul 03, 2018
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Rapaport News
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Stornoway Lowers Production Outlook
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Stornoway Diamond Corporation has reduced its production-and-salesexpectations for this year, as its shift to underground mining has resulted in lowergrades.The company now plans to produce between 1.35 million and1.4 million carats from its Renard...
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Mining
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May 21, 2018
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Rapaport News
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