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Stornoway reports its 2018 operating results

03 april 2019

stornoway_logo.pngStornoway Diamond Corporation reported its operating results for the year ended December 31, 2018.
For the full year, in the Renard 2-3 and Renard 65 open pits a total of 1,324,123 carats were recovered from 2,328,300  tonnes of ore at 57 cpht.
For the full year, Stornoway sold 1,038,967 run-of-mine carats for gross proceeds of $141 million at an average price of US$105 per carat ($136 per carat). The company sold an additional 164,322 carats of supplemental diamonds for gross proceeds of $3.5 million at an average price of US$16 per carat ($21 per carat).
For the full year, cash operating costs per tonne processed were $57.1 per tonne ($100.4 per carat) and capital expenditures were $88.2 million.
The Corporation reported adjusted EBITDA of $7.9 million, or 5.4% of revenues, for the full year ended December 31, 2018.
Patrick Godin, President and CEO, commented: “2018, the second year of commercial production for Stornoway’s Renard Diamond Mine, was one of transition from open pit mining to primarily underground production. This transition proved to be challenging, but our team overcame the difficulties we faced, safely and successfully completing the ramp up of the underground mine in August. The low diamond pricing environment in which Renard began operating persisted in 2018… In 2019, we will be focused on efficiency, striving to maximize value generation in every aspect of our business. We will continue exploration and resource development on the Renard property, aiming to extend mine life and grasp strategic opportunities.”

Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels