RapNet


Rapaport News

 

Mining

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Stornoway Hit by Challenging Diamond Market

Miner falls just short of production goal.
Jan 15, 2018 4:00 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Stornoway Diamond Corporation ended 2017 with lower than expected production and sales, as tough market conditions and operating glitches at the Renard mine marred its first year of operations.   

The company recovered 1.64 million carats of diamonds in 2017, compared to 1.69 million initially planned for the year. It garnered sales of $149.5 million (CAD 186.2 million) at an average price of $85 per carat, the company reported late last week.

“We continue to see a lower-price environment for our diamond sales, in part due to what has been a challenging rough-diamond market for a new producer, and in part due to the lower-than-expected quality and size attributes of our initial production,” said Matt Manson, Stornoway president and CEO.

Production was impacted by a high rate of diamonds that were broken up in the Renard processing facility, which the company only managed to correct later in the year. The mine also yielded more smaller diamonds than expected, the company explained. 

The Canadian miner plans production of 1.6 million carats for 2018, to be valued at an average of $125 to $165 per carat.
Tags: diamonds, Matt Manson, mine, Rapaport News, renard, stornoway
Similar Articles
Jonathan Kendall, De BeersDe Beers Exec Jonathan Kendall to Retire
Nov 15, 2020
Jonathan Kendall, a key executive in De Beers’ downstream activities, will retire...
Dominion Nears Deal to Restart Ekati
Petra Launches Probe into Violence Claims
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us