RapNet


Rapaport News

 

Mining

 
Rapaport ブロードキャスト
Martin Rapaport Addresses Israel Diamond Week
February 12 2020

詳細検索
最新記事
ビデオ
機能
ニュース
マイニング
原石市場
加工品市場
製造
小売

Stornoway Loss Deepens Amid Renard Delays

Issues with transition to underground mining contributed to deficit.
Mar 31, 2019 9:30 AM   By Rapaport News
Print 印刷 Facebook Facebook Twitter Twitter 共有 Share


RAPAPORT...
 Stornoway Diamond Corporation increased its net loss in 2018 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 114.2 million ($85.6 million) the previous year, the miner said last week.

The delays held back operations as Stornoway moved from open-pit to underground mining, and affected the average volume of diamonds the miner was able to retrieve from ore during the transition, Stornoway CEO Patrick Godin said. Weak pricing also created challenges.

“The low diamond-pricing environment in which Renard began operating persisted in 2018,” Godin added. 

An impairment charge — a devaluation of the company’s assets — of CAD $83.2 million ($62.3 million), as well as a deferred income-tax payment of CAD 77.4 million ($58 million), also contributed to the loss.

Revenue for the year dropped 16% to CAD 165.5 million ($124 million), with sales volume down 29% to 1.2 million carats. Annual production fell 19% to 1.3 million carats, missing the bottom end of the company’s guidance range. A technical problem at the miner’s processing plant caused it to perform below capacity, the company said.

Stornoway sold 1 million run-of-mine carats for CAD 141 million ($105.6 million) in 2018, at an average price of $105 per carat. It sold an additional 164,322 carats of supplemental diamonds for CAD 3.5 million ($2.6 million), at an average price of $16 per carat.

In the fourth quarter, the company reported a loss of CAD 244.9 million ($183.5 million), versus a loss of CAD 118.4 million ($88.7 million) a year earlier. Revenue fell 58% to CAD 23.3 million ($17.4 million).

Stornoway expects output to rise to between 1.8 million and 2.1 million carats in 2019, as it moves to a higher-grade area of the mine, it said in January.

Image: The path leading out of the Renard mine. (Stornoway Diamond Corporation)
タグ: Patrick Godin, Rapaport News, renard, Renard mine, stornoway, Stornoway Diamond Corporation
類似記事
コメント: (0)  Add comment コメントを追加
コメントを変更 古い順



連絡先: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    プライバシー ポリシー  
  
twitter twitter
会社概要 Rapaport
RapNetに広告を載せる