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Dominion Increases Diavik's 2014 Production Forecast

Jul 16, 2014 2:54 PM   By Jeff Miller
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RAPAPORT... Diamond production at the Diavik diamond mine in Canada rose 38 percent year on year to 2.15 million carats in the second quarter that ended on June 30, according to Dominion Diamond Corporation. Diavik's rough diamond production for the first half of the year increased 15 percent to 4.02 million carats.

Dominion Diamond, which holds a 40 percent stake in Diavik to Rio Tinto's 60 percent share, revised the mine's  carat production forecast higher by 400,000 to 6.5 million carats this year. Mining activity will be exclusively underground. In addition to the 6.5 million carats produced from run of mine ore there will be production from coarse ore rejects, which are not included and are, therefore, incremental.

Dominion Diamonds' share of production during the first half of 2014  from A-154 South totaled 395,000 carats, A-154 North was 421,000 carats, A-418 was 715,000 carats and coarse ore rejects totaled 75,000 carats. Based upon Dominion Diamonds' sales during the second calendar quarter of 2014, and the current recovery profile of the Diavik processing plant, the company has modeled the approximate rough price per carat for each of the ore types: A-154 South at $145, A-154 North at $190, A-418 at $105 and coarse ore rejects at $50 per carat. 

Tags: Diamond mining, diamonds, Diavik, Dominion Diamond, Jeff Miller
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