In its first full year of commercial production at the Renard Diamond Mine in Quebec, Stornoway Diamond Corp. produced 1.64 million carats from processing 1.96 million tons of ore with an attributable grade of 84 cpht, compared to a plan of 1.69 mcts from 2.00 mtons at 85 cpht (97%, 98% and 99% of targets respectively).
In the framework of the City of Antwerp's economic mission to Canada this week, the Antwerp World Diamond Centre paid a visit to one of the Antwerp diamond industry's major trade partners, Stornoway Diamond, at the miner's new Renard Mine in Quèbec.
Stornoway Diamond Corporation has released its third quarter production and sales results from its Renard Diamond Mine in Quebec, with better ore grades leading to higher carat recoveries; the junior miner also saw growth in carats sold and an improving price per carat, though the issue of diamond breakage has yet to be solved. During the quarter, 506,380 tons of ore were processed compared to the plan of 540,000 tons (-6%).
Despite ongoing breakage issues during processing, Canadian junior miner Stornoway Diamond experienced an uptick in prices for rough diamonds from its Quebec mine during the second quarter of 2017. At its two tenders held in Antwerp during the period, Stornoway achieved average diamond pricing of US$87 per carat, compared to US$81 per carat in the first quarter. “We are particularly encouraged by the steady increase in pricing for Renard diamonds as the market familiarises itself with our production,” said company President and CEO Matt Manson.
Canadian junior miner Stornoway Diamonds sold 350,159 carats in two scheduled Antwerp sales (2017 sales #4 and #5) for gross proceeds of US$31.9 million (C$40.9 million), at an average price of US$87 per carat (C$117 per carat), the company announced in a press release. This represents a drop from the 459,126 carats sold across three sales in Q1, earning US$38 million, but the price of rough per carat rose from $US83 per carat earned in the previous quarter.
Stornoway Diamond Corporation today announced the production of one million carats of diamonds at the Renard Diamond Mine in Quebec. The Canadian miner declared commercial production on January 1st, 2017, and as of December 31 2016, the company had recorded the recovery of 448,887 carats from total of 399,162 tons of ore. Full name-plate capacity of 6,000 tons per day, based on 73% plant utilization, is scheduled to be achieved by the end of the second quarter. According to their guidance for 2017, they expect diamond sales of 1.8 million carats at ten tender sales in Antwerp, Belgium.
Canadian - or rather, Québécois - diamonds from mine to finger were cause for celebration in Montreal yesterday, as Maison Birks unveiled the first 200 diamonds from Quebec's Renard diamond mine, owned by Stornoway Diamond Corporation. In the presence of Birks Group President and CEO, Mr.
Canadian miner Stornoway Diamond Corporation earned US$35.4 million (C$48.5m) from the sale of 459,126 carats rough of stones for the quarter ended March 31, 2017, the first full operating period for the Renard Mine. Commercial production was officially declared on January 1, 2017.
Canadian miner Dominion Diamond Corporation issued a statement yesterday announcing the formation of, "a Special Committee to explore, review, and evaluate a range of potential strategic alternatives focused on maximizing shareholder value," and selling the company is one of those alternatives. The announcement follows events last week when Dominion became the target of an unsolicited $1.1 billion approach by U.S.
Canadian diamond miners Dominion Diamond Corp and Stornoway Diamond Corp have held talks about a potential merger in recent months, reports Reuters. The people that disclosed the matter declined to be named as the discussions are private. "The talks include Stornoway's chief executive officer and president, Matt Manson, becoming CEO of the merged group, one source said, adding that the discussions on an all-share merger started in January.
The month of March will again see a full schedule of rough diamond tenders and sales in Antwerp.
Stornoway Diamond Corporation has issued its annual results, detailing a memorable 2016. Their Renard Diamond Mine officially opened on October 19, 2016, and following the commencement of ore processing on July 15, 2016, commercial production was formally declared on January 1, 2017. The first sale of Renard Diamonds was held during November in Antwerp in Belgium. In total, 38,913 carats were sold at an average price of US$195 per carat, for proceeds of US$7.6 million (C$10.2 m).
On January 17, 2017, North Arrow Minerals - a Canadian based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada - announced it had entered a property purchase agreement with Stornoway Diamond Corporation under which North Arrow will acquire Stornoway’s remaining interests in the Qilalugaq (Nunavut) and Pikoo (Saskatchewan) Diamond Projects.
Stornoway Diamond Corporation has announced 2016 production results from its Renard Mine in Quebec that far outstrip its projected output. For the year ended December 31, 2016, Stornoway mined 2,074,827 tons of ore from the Renard 2- Renard 3 and Renard 65 open pits, compared to a plan of 879,641 tons (+136%).
After a difficult 2015, the Antwerp diamond industry recorded a 5% increase in trade in 2016, according to a press release from the Antwerp World Diamond Centre (AWDC). This past year, a total of 48 billion USD worth of diamonds were imported to and exported from Antwerp. "The rough diamond market in particular is clearly making a strong recovery. This is positive sign, given that the rough diamond trade is the foundation and heart of the diamond trade.
Canadian miner Stornoway Diamond Co. announced it has commercial production at the Renard Diamond Mine. Commercial production at Renard is defined as an average processing rate of 60% of plant name-plate capacity over a 30 day period. This was achieved on December 3, 2016, with an average processing rate of 4,120 tons per day over the preceding 30 day period compared to a name-plate capacity of 6,000 tons per day.
Stornoway Diamond announced the completion of the first sale of its Renard Mine diamonds, which took place between the 14th and 23rd of November, in Antwerp Belgium. Reportedly a total of 38,913 carats were sold at an average price of US$195 per carat accounting for proceeds of US$7.6 million. Last month the Canadian Corporation announced they would be going on sale two months prior to what had previously been anticipated.
Canada's Stornoway Diamond Corp.'s third quarter results show the company in the midst of shifting from completing construction of their Renard Mine to ramping up production as their maiden rough diamond sale begins in Antwerp, two months earlier than previously anticipated. The quarter saw the official opening of Renard on October 19, 2016 after ore processing commenced on July 15, 2016. Construction progress, at 99%, was essentially complete at the end of the quarter.
Today’s opening ceremony marks the culmination of approximately 20 years of work to bring the Renard Project from a green-field exploration concept to a fully operating new diamond mine. A long list of individuals can claim a share in the success of this enterprise. While we celebrate the official opening ceremony today, our production ramp-up continues and we remain on schedule to achieve commercial production by the year end.
Stornoway Diamond has announced that its first sale of its Renard Mine diamonds will be held in Antwerp, Belgium starting on November 14th, 2016. This is two months earlier than previously anticipated, according to a press release. First ore was introduced to the Renard diamond plant on July 15, 2016. As of the quarter end, 91,010 tons of ore had been processed with attributable carat production of 111,556 carats, representing an average grade of 123 carats per hundred tons.
Diamond industry analyst Paul Zimnisky writes that there few remaining diamond development projects in the pipeline big enough to have an important impact on global production following the development of the Gahcho Kué in Canada and Rio Tinto's withdrawal from the Bunder project in India. Gahcho Kué (51% De Beers/49% Mountain Province Diamonds), the world’s largest new diamond mine, is due to start commercial production in Q1 of next year with annual output of 4.5 million carats and a 12-year lifespan.
Stornoway Diamond Corporation has reported that it failed to recover any diamonds from till samples of 11 distinct kimberlite bodies at its 100% owned Adamantin Project - located approximately 100km south of the Renard Diamond Project, where it commenced ore processing in July. The company reports that, "Till sampling at Adamantin during 2015 confirmed the presence of indicat
Stornoway Diamond Corporation reported net income for the second quarter (three month period ended June 30, 2016) at $5.8 million, compared to a $9.7 million net loss during the three months ended July 31, 2015.
Stornoway Diamond Corporation today announced a momentous occasion for the Canadian miner: processing of ore has commenced at the Renard Diamond Project in north-central Québec. This marks the beginning of a processing ramp-up designed to achieve 100% of plant nameplate capacity (2.16Mtons/yr at 78% plant utilization) within 9 months, according to their press release. As of July 13, 2016, 1,002,888 tons of ore had been stockpiled, sufficient to commence and maintain the planned ramp-up.
Canada's Stornoway Diamond Corp. has announced that 91,912,732 common share purchase warrants were exercised at a price of $0.69 (C$0.90) per share for total proceeds to the Corporation of $63 million (C$82.72) million. This represents 97.47% of the warrants issued on July 8, 2014. President and CEO Matt Manson commented, “We are grateful for this expression of confidence by our warrant holders. The funds received from this exercise will be used to complete the construction of the Renard Project ahead of drawing upon our committed C$100 ($76.75) million senior loan facility.
Stornoway Diamond Corporation reports that overall construction progress at its Renard Diamond Project stands at 96% compared to the recently re-baselined plan of 90% and the initial plan of 82%; the first diamond production is expected to take place later this year. As of the end of May, all major equipment and control systems had been installed in the project’s diamond process plant, primary crusher and processed kimberlite load-out facility. The project’s power plant, water treatment facility and maintenance facilities are fully operational.
Stornoway Diamond Corporation has announced has announced the results for the first quarter ended March 31, showing a net loss of $22.6 million or $0.03 per share basic and $0.03 per share fully diluted, though the financial results at this stage are rather secondary to construction progress of the Renard mine project.
Stornoway Diamond Corp has discovered a kimberlite at its 100% owned Adamantin project located approximately 100km south of its flagship Renard diamond project, making it the 11th distinct kimberlite body identified. Matt Manson, President and CEO, commented, “We are encouraged by the early drilling at Adamantin which has discovered a spatially extensive field of kimberlite emplacement in an area that we knew to have promising indicator mineral chemistry and where we had already found a diamond in till.
Stornoway Diamond Co. (Canada) has announced the results of an updated mine plan and mineral reserve estimate for the Renard Diamond Project, reporting a 25% increase in the probable mineral reserves from 17.9 to 22.3 million carats (representing 33.4 million tons at an average grade of 67 carats per hundred tons).
Stornoway Diamond Corp. has released its FY2015 results, showing that its Renard Diamond Project is five months ahead of schedule, with first ore delivery to the Renard diamond process now expected by the end of September 2016 and commercial production (60% of plant capacity achieved over 30 days) expected by December 31, 2016. The previous schedule assumed commercial production in the second calendar quarter of 2017.
"Junior miners almost never make the leap into successful producers with large-scale operations and happy shareholders", writes the Financial Post. "But Stornoway Diamond Corp., which is on track to bring Quebec’s first diamond mine into production this year, showed it really can be done, even in a rough market. Unfortunately, it would be pretty tough to replicate the Stornoway model. It required being in the best possible jurisdiction, great exploration success, incredible timing and a fair bit of luck.
Canadian diamond miner Stornoway today announced a revised construction schedule for the Renard Diamond Project with an associated reduction in the forecast cost to complete. Re-baselining of the project’s schedule and capital cost forecasts has been made possible following several months of construction progress achieved consistently ahead of plan, and has been undertaken as part of the revised mine planning for Renard which is expected to be completed in the second quarter of this year.
Stornoway Diamond Corp. has announced in its Q2 2016 results that progress of the Renard Diamond Project - Quebec's first diamond mine - continues in line with the planned schedule and budget. It is currently 53% complete. During the quarter, total project Indicated Mineral Resources were increased 11% to 30.2 million carats, including a 16% increase in Indicated Mineral Resources at Renard 2 to 21.6 million carats. New Inferred Mineral Resources at Renard 2 were defined to 850 meters depth.
In an interview with Mining Weekly Online addressing the current state of affairs and future outlook throughout the diamond industry, analyst and consultant Paul Zimnisky says he believes Canada was the best-positioned country in the industry given the quality of the current projects. “Looking at the NWT’s Ekati and Diavik mines, for instance, they are still quite profitable projects, even in a weaker price environment.
Diamond industry analyst Paul Zimnisky has published a thorough "State of the Diamond Mining Industry" report as we near the end of 2015 - essential reading, in our opinion. "So far in 2015", writes Zimnisky, "the state of the global has been closely aligned with the posture of the global economy, as it so often is, and should be. The developed nations of the world are growing, but at uninspiring rates... Emerging market growth has slowed... The result in the diamond industry has been an overhang of low-to-medium-quality polished diamonds in the market for about a year now. U.S.
Stornoway Diamond Corporation has announced an updated Mineral Resource Estimate for its Renard diamond project in Canada. The estimate as of September stands at 30.2 million carats of Indicated Mineral Resources (representing 42.6 million tonnes at an average 71 carats per hundred tonnes, or cpht) and 13.3 million carats of Inferred Mineral Resources (representing 24.5 million tonnes at an average 54 cpht).
Stornoway Diamond Corporation today announced it has successfully completed the drawdown of the second US$80m tranche of diamond stream funding from Orion Mine Finance, the Caisse de dépôt et placement du Québec and Blackstone Tactical Opportunities, as conditions for the second of three drawdowns, including the independent certification of construction progress at the Renard Diamond Project and its cost to complete, were met.
Canadian diamond explorer Stornoway Diamond Corp, reduced its loss for the first fiscal quarter of 2016 from a year ago by $1.4 million to $7.3 million. The firm, which is developing the Renard Diamond Project in Quebec, reported that construction is in line with planned schedule and budget.
Stornoway Diamond Corporation has issued a press release announcing its fourth quarter and fiscal year 2015 results. Matt Manson, President and CEO, commented "During the fiscal year just ended, Stornoway successfully completed a C$946million project financing transaction for the Renard Diamond Project and commenced its construction...As we ramp up construction, we have prioritized employment and contracting amongst the Crees of the Eeyou Istchee, including the Cree Nation of Mistissini, and the communities of Chibougamau and Chapais, and maintained a commendable environmental, health and s