Stornoway see soft price for rough
Sales
over 460K carats &
Production
reaches over 463K carats
Stornoway
sold in two tender sales for gross proceeds1 of $47 million2 at an average
price of US$76 per carat.
Stornoway
Diamond Corporation announces production and sales results at the Renard
Diamond Mine for the quarter ended June 30, 2019.
According
to the announcements, 460,832 total carats sold in two tender sales for gross
proceeds1 of $47 million2 at an average price of US$76 per carat ($102 per
carat2). In terms of total carats sold, pricing and gross proceeds, this
represents variations of +7%, -9% and -1% over the first quarter, respectively.
Second quarter diamond sales represent diamonds recovered during the first
quarter.
Second
quarter diamond production was 463,136 carats recovered from the processing of
695,934 tonnes of ore at an average grade of 67 carats per hundred tonnes
(cpht). Carats recoveries increased by 4% compared to the first quarter, mainly
due to greater plant utilization. The average processing rate was 7,648 tonnes
per day, above the budgeted rate of 7,000 tonnes per day.
Patrick
Godin, President and CEO of Stornoway, commented “During the second quarter,
both mining and processing operations at Renard have demonstrated strong
performance, with an average ore hauling rate of 6,813 tonnes per day from the
underground mine, and an average processing rate well above the budgeted rate.
The
average grade recovered is lower than for the first quarter, as a result of
mining of lower grade ore blocks from the block cave sequence at Renard 2. The
average grade is anticipated to increase for the remainder of the year, as the
extraction of higher grade production ore from the Renard 3 kimberlite pipe
ramps up, and with the development of the second underground mining horizon of
Renard 2, also of higher average grade.
The
rough diamond market continues to be challenging, with further decreases in
pricing observed during the second quarter sales. Nevertheless, the Corporation
maintained comparable gross proceeds relative to the first quarter, as volume
of carat sold increased.”
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