Dominion Diamond Corporation’s saw a sharp sales increase in the fiscal first quarter. According to the company, this came as it shifted to a higher-value section of the Canadian Ekati deposit.
In the three months ending April 30, revenue jumped 18 per cent to $211 million, with the average rough selling price increasing to $90 per carat from last year’s $69 per carat. What’s more, rough sales soared 31 per cent to $137.7 million, with an influx of goods from Ekati’s Misery Main and Koala pipes.
The miner notes that an auction of $21 million worth of high-value fancy-color diamonds, mostly from Misery Main, contributed to these results.
“We are building upon the strong momentum that started at the beginning of this year, while advancing our project pipeline to support longer-term value generation,” says Dominion chairman Jim Gowans.
Despite this, Dominion’s net loss was 47 per cent greater at $7.8 million, impacted by a foreign-exchange loss of $13.6 million and restructuring costs of $2.3 million.
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