Despite ongoing diamond breakage, Stornoway reports higher prices for its gems
VANCOUVER (miningweekly.com) – Quebec-based miner Stornoway Diamond Corp has reported higher prices for rough diamonds produced at its flagship Renard mine, the Francophone province’s first diamond mine.
For the three months ended June 30, Stornoway earned revenues of C$42.6-million, as rising rough diamond prices at Renard boosted the top line, the miner said on Monday.
The company held two tenders during the period, which fetched an average of $87/ct, compared with $81/ct in the previous quarter. Proceeds from the sale of 350 159 ct came to C$40.9-million.
The quarter marked the second quarter in which Stornoway recorded diamond revenues, after Renard reached commercial production on January 1. The average run-of-mine pricing for Renard diamonds, after accounting for size distribution and quality variations, has increased by 19% in real terms since the first sale was completed in November 2016.
While the rough market has strengthened modestly during this period, the size of the increase reflects the growing acceptance of the Renard diamond production by Stornoway’s tender sale clientele.
“We are particularly encouraged by the steady increase in pricing for Renard diamonds as the market familiarises itself with our production,” said CEO Matt Manson.
However, he noted that “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 about 1.6-million carats a year over an initial 14-year mine life, representing some 2% of global supply.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
