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Stornoway Swings to Loss in 3Q
Nov 16, 2016 8:39 AM
By Rapaport News
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RAPAPORT...
Stornoway Diamond Corporation recorded a loss of $11.5
million (CAD 15.5 million) in the third quarter due to a derivatives loss
within its expenses category.
“Total other expenses” came to $8.9 million (CAD 12 million)
in the three months that ended September 30 versus an income of $9.3 million in
the comparable period a year ago, the miner said.
Stornoway kicked off it first sale of diamonds from the
recently opened Renard mine on November 14 in Antwerp, two months earlier than
anticipated. The mine is located in the Quebec region of Canada.
The company said it is on track to exceed its production
guidance for this year, “albeit at a lower than expected initial diamond price
owing to a higher than expected proportion of small diamonds in the early
product mix.” |
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Tags:
Antwerp, Canada, mining, Rapaport News, renard, Renard mine, stornoway, Stornoway Diamond Corporation
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