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Dominion's 3Q sales jump on higher Ekati production

25 november 2014

Dominion Diamond Corporation’s sales jumped an estimated 47 percent during the third quarter that ended on October 31 due to increased production at the Ekati mine.
The company reported total sales of $222.3 million, which included proceeds from Ekati and its 40 percent stake in the Diavik mine, compared with sales of $151.6 million reported in the same period a year earlier. Dominion sold 1.154 million carats of diamonds during the quarter for an estimated average price of $193 per carat. Ekati contributed $141.9 million from 458,000 carats of diamonds sold, for an average price of $310 per carat.
The company stated that production at Ekati continued to exceed its initial plan for the mine, driven by higher than expected grades and operational improvements at the processing plant.
Dominion reported that it held rough diamond inventory with an estimated market value of about $350 million on October 31, including $185 million worth of rough available for sale at market value and $15 million worth from samples used in the sorting process. The balance of approximately $165 million represents work in progress, the company explained.
During the first nine months of the fiscal year, Dominion’s sales totaled $675.2 million from 3.5 million carats sold, compared with $522.3 million reported a year earlier.
The company is expected to report full third quarter earnings in December.