Stornoway Reports Higher Earnings in Q2 2016 as Renard Nears Completion

(IDEX Online News) – Stornoway Diamond Corporation has released its second quarter results for the period ended June 30, which showed that the company’s net income was $5.7 million compared to a $9.7 million net loss over the same period in the previous year.

Stornoway’s flagship Renard Diamond Project is ahead of schedule and currently stands at 97.4-percent complete compared to the 95.2-percent that the company anticipated at this stage. Ore processing at the plant commenced on July 15.

Mining in the Renard 2-3 and Renard 65 open pits stood at 9.45 million tons or 102-percent of the plan, with 859,498 tons of ore stockpiled. Underground mine development stood at 1,842 meters or 85 percent of the plan.

Several aspects of the plant were commissioned during the quarter, including the crusher, water treatment facility and process kimberlite load-out. The remaining project construction was focussed on completion of the processed kimberlite containment facility and development of the underground mine’s fresh air raise.

“Construction activities at Renard have now been largely completed and the ramp up of ore processing in the diamond plant has commenced. All of this has been achieved well within schedule and budget,” said Stornoway president and CEO Matt Manson.

“We intend to schedule our first diamond sale based on the progress of the production ramp-up that is achieved over the next few months.”