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Dominion Diamond’s witnesses exceptional performance at Ekati and Diavik
Its Q2 consolidated net income attributable to shareholders of $26.6 million
By: Diamond World News Service
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Sep 5 2014 6:38PM
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Reference: 9539  

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Dominion Diamond Corporation has witnessed ‘exceptional performance’ from the Ekati Diamond Mine and the Diavik Diamond Mine, in the second fiscal quarter of 2015, ending July 31. Robert Gannicott, Chairman and Chief Executive Officer stated: "It is a pleasure to be able to report another quarter that exceeds expectations. We have embedded improvements to diamond recovery, rough diamond marketing and cost control efficiencies to deliver a story that continues to improve." Rough diamond production, sales and pricing have all exceeded plan.

The Company recorded a second quarter consolidated net income attributable to shareholders of $26.6 million or $0.31 per share. The first six months of fiscal 2015 saw continuing growth in diamond jewellery sales in the United States and the mass market in China, which together account for over half of the world's diamond jewellery sales, resulting in rough diamond prices rising approximately 8 percent.

The company owns an 80 percent interest in the Ekati Diamond mine and 40 percent in the Diavik Diamond Mine. It continues to lay focus on delivering enhanced value. As such, carats recovered in the first six months of fiscal 2015 at the Ekati Diamond Mine were estimated to be 30 percent ahead of plan due to higher than expected grades coupled with operational improvements to the processing plant implemented by the Company over the last 10 months.

Stripping at the Misery pipe pushback is proceeding. Around $121 million of capital expenditure remains to be spent before the Misery Main pipe, at 4.0 carats per tonne and $105 per carat (as of January 31, 2014), comes into production in December, 2015. In this fiscal year, the Company has expensed $15.5 million on the Jay Project which involves the development of the largest diamondiferous resource in North America. The open pit portion of the Jay Pipe has the potential to extend the operating life of the Ekati Diamond Mine by a further 10 years beyond the currently scheduled closure in 2019 with the potential for an underground mine beyond that. The Company mentioned it has a strong balance sheet and is well-funded to achieve its growth objectives.

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