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Stornoway Sees Rise in Renard Prices

Aug 15, 2017 4:53 AM   By Rapaport News
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RAPAPORT...
 Stornoway Diamond Corporation earned revenues of $33.4 million (CAD 42.6 million) in the second quarter, reporting an increase in rough-diamond prices at its flagship Renard mine in Canada.

Two tenders during the period fetched an average of $87 per carat, compared with $81 per carat in the previous quarter, the miner said Monday. Proceeds from the sale of 350,159 carats came to $32.1 million (CAD 40.9 million), excluding other, smaller income streams.

The three months ending June 30 marked the second quarter in which Stornoway recorded diamond revenues, as Renard only reached commercial production on January 1. Before this crucial stage in the mine’s development, diamond sales did not appear on the company’s financial statements as revenue.

“We are particularly encouraged by the steady increase in pricing for Renard diamonds as the market familiarizes itself with our production,” said CEO Matt Manson.

Still,  he continued, “pricing continues to be impacted by high levels of diamond breakage, and our work to date on this issue has shown that reducing the proportion of hard, country rock waste in the ore feed will have a meaningful impact on our recoveries.” 

Stornoway expects the Renard mine to produce an average of 1.6 million carats per year over an initial 14-year mine life, representing some 2% of global supply.
Tags: Canada, mining, quebec, Rapaport News, renard, Renard mine, Rough Diamonds, stornoway, Stornoway Diamond Corporation
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