Dominion Diamond Sales Slump by 35% in Q3 2016
November 22, 15
(IDEX Online News) – Canadian miner Dominion Diamond Corporation’s third fiscal quarter 2016 sales dropped by 35 percent, amid a cautious market, exacerbated by the lengthy Diwali holiday in India, lower production at the Ekati mine and an 8-percent fall in rough prices.
Sales in the three months ended October 31, slipped to $145 million from $222.3 million a year previously. For the nine months ended October 31, sales slumped $542.4 million from $675.2 million over the same period a year previously.
Dominion said it implemented a new diamond liberation initiative at the mine in July, which includes a reduction in the level of throughput to the plant, due to batch processing of unblended ore from Misery Southwest and Koala Underground.