Our main role is to inspire consumers to consider diamonds - Jean-Marc Lieberherr

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Stornoway reported 2Q 2019 financial results

16 august 2019

stornoway-logo.pngStornoway Diamond Corporation reported its financial and operating results for the quarter ended June 30, 2019.
Revenues during the three months ended June 30, 2019 (“Current Quarter”) totalled $189.4 million, compared to $56.9 million for the three months ended June 30, 2018 (“Comparative Quarter”). 
For the Current Quarter, the Corporation reported a net loss of $346.3 million (Comparative Quarter – $35.9 million). It was principally driven by decreasing prices of rough diamonds. 
For the Current Quarter, the Corporation’s Adjusted stood at $13.1 million, a significant increase versus the Comparative Quarter’s Adjusted EBITDA of $1.6 million.
As at June 30, 2019, cash and cash equivalents stood at $21.3 million. 
Two tender sales were completed in the second quarter for a total of 460,832 carats sold. The achieved pricing of US$76 per carat for all goods sold during the quarter represents a decrease of 9% compared to the first quarter of 2019, attributable to weak market conditions which management believes are driven primarily from the oversupply of rough diamonds relative to demand, the high inventory levels in the mid stream and the reduced availability of bank financing. 
During the quarter, a total of 695,934 tonnes of ore were processed with 463,136 carats recovered at an average grade of 67 cpht. Carats recovered increased 107% year over year, due to the delivery of higher-grade ore from the underground mine to the process plant. 
Patrick Godin, President and CEO, commented: “Production during the second quarter at our Renard Mine exceeded the results of the first quarter: ore processed was up 19% and at an all-time high, and carats recovered were up 4% quarter-on-quarter. This is mainly due to an increase in the utilization factor of the Renard process plant, as we had experienced challenges due to very cold weather in the course of the first quarter and have improved the efficiency of preventive maintenance shutdowns.”

Alex Shishlo, Editor of the Rough&Polished European Bureau