Stornoway Diamonds' Manson Upbeat After Positive Year at Renard Mine
February 26, 17
(IDEX Online) – Stornoway Diamond Corporation reported net income of $19.6 million for the year ended December 31.
President and CEO Matt Manson commented: “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.
"Two additional tenders have now been completed subsequent to the year end, and while pricing continues to be impacted by Indian market conditions and our diamond recovery profile, we are seeing improvements in the market for the lower quality items and strong premiums in larger, higher quality goods.
"Stornoway will complete one additional sale prior to the end of the current quarter. Our successful project build and earlier operational start-up has contributed to a greatly strengthened balance sheet compared to what was contemplated in our original July 2014 project financing plan. With $165 million of total liquidity at year-end, including $100 million of undrawn senior debt, and our sales proceeding, we are in a strong position as we start 2017.”