The corporation Dominion Diamond Corporation announced a quarterly loss in terms of product quality deterioration, its full Ekati mine (Ekati) in Canada, which is why the average price of diamonds sold fell by 62%.
The mining company reported a loss of $ 1 million in the first fiscal quarter, which ended April 30, against a profit of $ 12 million a year ago. The average price of diamonds from the Ekati mine fell to $ 68 per carat to $ 180 a year earlier.
Quarter came in "transition period" in the Ekati mine, the development of poorer quality stocks. Lull also entail impairment of inventories in the amount of $ 19.6 million, which, along with the influence of exchange rates on the income tax contributed to the loss, the company added. However, Dominion statement, the company in May, the beginning of commercial production at Misery Maine (Misery Main), «the richest ore body in the land owned Ekati."
As reported last month, sales in the first fiscal quarter were down 5% compared with the previous year, to $ 178.3 million in the fall in rough diamond prices over the same period last year.
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The Supervisory Board of ALROSA (PAO) at a meeting on November 19 considered a number of issues related to the current activities of the company. The agenda of the meeting included 8 issues, all decisions were taken.
The Supervisory Board approved the updated budget of ALROSA (PAO) for 2015. The budget is adjusted in accordance with changes in the diamond market and macroeconomic factors, including inflation and exchange rates. The diamond mining plan for ALROSA is maintained at 38 million carats. The plan for sales volumes was revised in accordance with the level of activity in the world diamond market.
During the meeting, a decision was made to include Andrey Cherepnov, who since June 2015 has been the chief engineer of ALROSA, as a member of the Management Board.
The Supervisory Board also approved a number of documents,
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