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Renard Production Beats Estimate

Feb 9, 2017 2:37 AM   By Rapaport News
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RAPAPORT... Output at Stornoway Diamond Corporation's new Renard mine in Canada more than doubled from its planned level for 2016, as production at the project started earlier than expected.

The company recovered 448,887 carats versus a forecast of 218,400 carats since the mine came on stream in October. It also sold 38,913 carats for a total of $7.6 million, Stornoway said.

“Our ability to bring the project into production early resulted in significantly higher carat production than planned for the year, and an earlier-than-expected first sale gave us unbudgeted pre-production revenue,” Stornoway chief executive officer Matt Manson said.

Stornoway plans to sell 1.8 million carats spread over 10 tenders in Antwerp this year. It has forecast production of 1.7 million carats in 2017 and expects to achieve an average selling price of $100 to $132 per carat. This translates into a revenue guidance of $180 million to $230 million, according to the company.
Tags: Antwerp, Canada, Matt Manson, Rapaport News, renard, Rough OutputProduction, stornoway, Stornoway Diamond Corporations
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