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Fire Sparks Sales Slump at Dominion

Nov 20, 2016 8:23 AM   By Rapaport News
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RAPAPORT... Dominion Diamond Corporation said revenue slumped in the third fiscal quarter as a fire at the Ekati mine in June reduced the value of rough diamonds available for sale.

Sales dived 29 percent to $102.7 million in the three months that ended October 31, the miner reported. This came even as the volume of rough sales jumped 56 percent to 1.2 million carats, reflecting a 55 percent drop in the average price to $83 per carat.

A fire at Dominion’s 100 percent-owned Ekati mine in Canada on June 23 forced the company to shut the process plant for nearly three months with operations resuming at full capacity on September 21.

Sales value was also negatively impacted by the carryover of goods with a lower average price from the Ekati and Diavik mines in the second quarter.

However, the company processed a greater proportion of higher-grade ore from the Misery Main pipe at Ekati, accounting for the higher volume of sales by carat weight.

Rough diamond production at Ekati increased 22 percent to 1 million carats in the third quarter. Output at Diavik also rose 22 percent to 1.54 million carats in the three months to September 30, with Dominion’s 40 percent share of production amounting to 618,000 carats.
Tags: Diavik, Dominion, Dominion Diamond Corporation, ekati, Ekati mine, fire, mining, Rapaport News, Rough Diamonds, Rough Production, rough sales
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