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In Q2 2019 Stornoway Sells More Carats But Average Price Per Ct Decreases Compared to Previous Quarter

Jul 12, 2019

Stornoway Diamond Corporation announcing its production and sales results for the Renard Diamond Mine for the quarter ended June 30, 2019 said it had sold 460,832 total carats in two tender sales in the period for gross proceeds of C$47 million, at an average price of C$102 per carat or US$76 per carat.

This compares to a total of 429,506 carats sold in the previous quarter, also for C$ 47 million; thus realising an average per carat price of C$ 110, or U$ 83, which was slightly higher than the quarter under current consideration.

“In terms of total carats sold, pricing and gross proceeds, this represents variations of +7%, -9% and -1% over the first quarter, respectively,” the Company said elaborating on the results. “Second quarter diamond sales represent diamonds recovered during the first quarter.”

The Corporation’s second quarter diamond production touched 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 utilisation,” Stornoway stated. “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. The average grade is anticipated to increase for the remainder of the year, as the extraction of higher grade production ore from the Renard kimberlite pipe ramps up, and with the development of the second underground mining horizon of Renard, also of higher average grade.”

He added: “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 carats sold increased.”

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