Stornoway Net Earnings Decrease by US$1 million in Q2 FY2016

December 10, 15 by David Brummer

Stornoway Diamond Corporation’s net earnings decreased by C$1.4 million ($1.03 million) to C$10.3 million ($7.6 million).in the second quarter of fiscal 2016.

The company said that construction of the Renard Diamond Project remains on time and on budget, with more than half of the build already completed.

Stornoway also announced that the total Renard Mineral Resource Estimate increased 11 percent to 30.2 million carats, including a 16-percent increase in Indicated Mineral Resources at Renard 2 to 21.6 million carats.

President and CEO Matt Manson said the company was looking forward to plant commissioning and project ramp up starting late next year. He said the company is ending the year with construction of the Renard Diamond Project going according to plan, and Stornoway in a better financial position than previously expected.

Diamond Index

Stornoway Net Earnings Decrease by US$1 million in Q2 FY2016

Stornoway Begins Construction of Renard Diamond Plant

Stornoway Receives ‘Meaningful’ Investment by Blackstone

Stornoway Updates Mineral Resource Estimate for Renard Diamond Project

Newsletter