STORNOWAY’S DIAMOND PRODUCTION EXCEEDS PLAN IN Q3
Canadian miner Stornoway Diamond Corp has reported that its production and sales results for the third quarter have exceeded expectation “despite a rough market correction at the end of the quarter”, according to Mining Weekly.
Production exceeded the plan by 5% at 442,154 carats for the third-quarter ended September. Stornoway held tenders of 438,632 carats during the quarter, generating gross proceeds of C$51.6 million at an average price of $94 per carat.
However, the company added that “despite the steady increase in pricing achieved during the course of the year on a quarter-by-quarter basis, it will likely not hit its average price forecast of $100/ct to $132/ct, given the outlook for the rough diamond market for the remainder of the year”.