Stornoway Announces Q2 Production and Sales Results

Stornoway Diamond Corporation announced production and sales results at the Renard Diamond Mine for the quarter ended June 30, 2017.

417,362 carats produced from the processing of 512,005 tonnes of ore with an attributable grade of 82 carats per hundred tonnes. Average processing rate of 6,149 tonnes per day achieved in June, exceeding plant’s nameplate capacity and marking the on-schedule completion of the project’s production ramp-up.

Two tender sales were completed during the quarter. In total, 350,159 carats were sold for gross proceeds of C$ 40.9 million, at an average price of US$ 87 per carat (C$117 per carat). This compares to an average price of US$81 achieved in the first quarter. Immediately subsequent to the quarter end, Stornoway completed its 6th sale of the year, where 151,135 carats were sold for gross proceeds of C$ 19.8 million, at an average price of US$101 per carat (C$131 per carat).

Matt Manson, President & CEO commented, “With seven sales now completed, we are encouraged by strong growth in diamond pricing, reflecting the underlying market demand for the Renard product. This is despite the ongoing issue of diamond breakage which is impacting our production’s quality and size profile. Going into the second half of the year, we will remain focussed on maximising the value attributes of our diamond production and continuing the growth in revenue from sales.”

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