Seeking Alpha

Dominion Diamond says mine production better than expected

  • Dominion Diamond (DDC -1.2%) says Q2 rough diamond production exceeded expectations, with output from its Ekati mine and the Diavik mine it jointly owns with Rio Tinto (NYSE:RIO) substantially ahead of the company’s plan.
  • Q2 sales totaled $277M vs. $253M analyst consensus estimate.
  • DDC says Ekati benefited from improvements to its processing plant over the past 10 months, combined with ore grades that were higher than expected; ore processing at Diavik was 29% ahead of plan for the quarter ended July 31, helped by higher mining rates and improved equipment availability.
  • Also named Ron Cameron as CFO.
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