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Stornoway Completes Renard Underground Mine
Sep 5, 2018 4:58 AM
By Rapaport News
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RAPAPORT... The Renard underground mine in Canada is running at full capacity,
after a slower-than-expected transition from open-pit operations in the first
half of the year, Stornoway Diamond Corporation said Tuesday.
The miner is producing 6,039 tonnes of ore per day from the
asset, higher than its initial estimated design capacity of 6,000 tonnes per
day, it said.
The company had expected the ramp-up to full production to
be completed by the end of the second quarter, but issues with equipment and
management problems impeded progress. The delays affected Stornoway’s results
during the three months ending June 30, as lower-quality production led the
company to a net loss of $27.4 million.
“Completion of the underground-mine ramp-up at Renard has
not been without its challenges,” said Stornoway CEO Matt Manson. “However, today’s news
is validation of the design of the project, the quality of the Renard ore
bodies, and the dedication of the Renard mining team and contractors.”
The miner is recovering a higher grade of diamonds from the
underground portion, and will continue to process ore from that area for the rest
of the year, Manson added.
In May, the company reduced its production expectations for
the year to between 1.35 million and 1.4 million carats from its original estimate of 1.6 million carats. Meeting the revised forecast was dependent on
Stornoway’s completion of the transition, and maintenance of its production
levels.
The miner reached commercial production at Renard in
December 2016.
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Tags:
Matt Manson, Rapaport News, renard, Renard mine, stornoway, Stornoway Diamond Corporation
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