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Renard Mine Reaches Commercial Production

Dec 25, 2016 5:07 AM   By Rapaport News
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RAPAPORT... Stornoway Diamond Corporation said it achieved commercial production at the Renard mine in Canada a month ahead of schedule and within budget.

The operation reached an average processing rate of 4,120 tonnes per day over 30 days, out of a capacity of 6,000 tonnes per day, meaning it breached the 60 percent target that constitutes commercial production.

The milestone marks the end of the project’s capital expense period, explained Matt Manson, Stornoway’s president and chief executive officer (pictured). The final development cost is forecast to be “comfortably” within the $573 million (CAD 775 million) estimate set out in February 2016, he added.

Processing of ore at Renard began in July, two years after construction started. Average annual diamond production will be 1.8 million carats per year for the first ten years at an average value of $155 per carat, Stornoway projected.

The first tender of rough diamonds from the mine was held in Antwerp in November, fetching $7.6 million for 38,913 carats at an average price of $195 per carat. Three sales are scheduled for the first quarter of 2017.
Tags: Canada, commercial production, Matt Manson, mining, Rapaport News, renard, Renard mine, Rough Diamonds, Rough Production, stornoway, Stornoway Diamond Corporation
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