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Stornoway Swings to Quarterly Profit

Aug 11, 2016 10:45 AM   By Rapaport News
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RAPAPORT... Stornoway Diamond Corporation reported a profit of $4.4 million (CAD 5.8 million) in the second quarter ending June 30, compared with a loss of $7.5 million in the equivalent period last year.

Stornoway’s Renard Diamond Project in Quebec is on schedule and budget, with construction progress at 97.4 percent, the company said. Ore processing commenced on July 15.

“The handover from construction to operating staff has been achieved smoothly, and our mining activities are progressing satisfactorily,” said Matt Manson, Stornoway’s president and chief executive officer.

The company intends to schedule its first sale of diamonds from Renard based on how well the production ramp-up progresses over the coming months.
Tags: Canada, Matt Manson, quebec, Rapaport News, renard, Renard Diamond Mine, Renard Diamond Project, stornoway, Stornoway Diamond Corporation
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