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Stornoway Diamond Corporation has reportedly achieved sustained underground mine production at the Renard Diamond Mine at or above the mine’s design capacity in August. This marks the completion of the production ramp-up of the underground mine.

Over a 20-day period ending August 29, 2018, ore mucked and trucked to surface averaged 6,039 tonnes per day against a budgeted design capacity of 6,000 tonnes per day. Ore production is now being sourced from 16 active draw-points developed on 4 mining panels at the 290m level of the Renard 2 kimberlite. Ore processing during this period averaged 7,085 tonnes per day, with underground feed supplemented with ore derived from the Renard 65 open pit, as planned.“Completion of the underground mine ramp-up at Renard has not been without its challenges."

Matt Manson, President and CEO, commented: “Completion of the underground mine ramp-up at Renard has not been without its challenges. However, today’s news is validation of the design of the project, the quality of the Renard ore bodies, and the dedication of the Renard mining team and contractors. The assisted block cave is developing well and, as expected, the grade of diamond recoveries has increased as we have moved from the initial mining panel at the margin of Renard 2 into the panels closer to the centre of the ore body. Mining and processing for the remainder of the year will be focused on ore mucked from these higher quality panels.”

The company owns a 100 per cent interest in the world-class Renard mine, Québec’s first diamond mine.

The post Stornoway achieves full underground mine design capacity at Renard Mine appeared first on MINING.com....

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(IDEX Online) – After years with no government backing, the Israeli diamond industry has entered a new era. That was the message brought by Israel’s Minister of Finance, Moshe Kahlon, when he visited the Israel Diamond Exchange (IDE) today for a New Year celebration on the bourse trading floor.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>

 

“The relationship between the government and the diamond industry was in need of improvement,” Kahlon said. “The President of the Israel Diamond Exchange, Yoram Dvash, and I have brought this relationship onto a positive path. Together we have worked out a program to assist the industry in many of the challenges it faces.”

 

Kahlon added, “The diamond industry exports in the billions of dollars and provides jobs to thousands. It is what every Minister of Finance wants to encourage, and we want the diamond industry close to us. There’s still a lot to do and we will continue to work together.”

 

A direct result of the new relationship is a groundbreaking campaign, “Fly to Buy”, announced by IDE President Yoram Dvash at the event. This campaign, which will run from October to December 2018, will enable diamond buyers to fly to Israel for free, if they purchase $150,000 worth of diamonds during their visit to the exchange. The cost of the flight will be reimbursed up to $1,000.

 

Dvash said that the government had committed to providing more than $4 million to finance the industry’s marketing efforts over the next five years. “This is an unprecedented gesture of support for the diamond industry, and a major boost for us in these challenging times,” Dvash added....

Don't worry too much about the "why" of current stock market valuation lunacy. Simply know that the same mathematical corrections have happened for 147 years, and unless "this time it's different," which it never is, the market will be very lucky to only correct to the historical average, falling 56%, and not overshooting (as it almost always does).