Dominion Diamond raises expected 2013 gem production

10th May 2013 
TORONTO ( – Canadian miner Dominion Diamond on Friday raised the expected precious gem output on a 100%-basis from its 40%-owned Diavik mine for this year by 11% to 6.6-million carats, as it planned to process more of the stockpiled ore.

Dominion said the Diavik carats would be derived from mining about 1.6-million tonnes of ore and processing about two-million tonnes of material from both mining and stockpiles.

The new mining plan, however, would be subject to further revision at the end of the second quarter.

Dominion also said it was reviewing a new mine plan and budget for the 80%-owned Ekati diamond mine for the next operating period. This plan would provide for production (on a 100% basis) from April 10, the date on which the company acquired its controlling interest in the Ekati mine, to the calendar 2013 year-end of about one-million carats.

This would be derived from the mining about 3.5-million tonnes from mineral reserve, and processing about 3.9-million tonnes, with the additional material being made up of diamond-bearing kimberlite from a satellite body in the Misery openpit that was excavated as part of the waste stripping, as the pit profile was advanced.

Rough diamond sales for the 2014 financial year, based on current rough diamond prices, were expected to be total about $730-million, with $365-million coming from each of the 40% share of Diavik and the 80% share of Ekati. 

Included in the fiscal 2014 sales for Diavik was about $25-million from sales of inventory for sale at January 31, and for Ekati was about $70-million from opening acquisition inventory that was expected to be sold towards the end of the 2014 financial year.

Edited by: Creamer Media Reporter