Stornoway Diamond Corporation has reported a net income of $19.6 million for 2016, IDEX Online reports.
According to President and CEO Matt Manson, “Stornoway’s FY2016 results confirm the final completion of the Renard Mine well below our original budget estimates and ahead of schedule. With the capital period now over and the attainment of commercial production, we are continuing our processing ramp-up and steadily increasing the volume of goods offered at our diamond sales”.
Manson also said that “while pricing continues to be impacted by Indian market conditions and our diamond recovery profile”, the company is seeing “improvements in the market for the lower quality items and strong premiums in larger, higher quality goods”. He added that Renard has “greatly strengthened” the company’s balance sheet and that Stornoway is “in a strong position as we start 2017”.
