Dominion Diamond Reports Lucrative Quarter

Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) provided a sales and production update for the first fiscal quarter of 2015 (February through April), commenting that its rough diamond production, sales and pricing exceeded their targets “to the extent that the estimated value of the Company’s production at current sales prices is ahead of expectation by approximately $100 million.”

As quoted in the press release:

The Company recorded total first quarter sales of $175.5 million.

Excluded from the Ekati sales recorded in the first quarter were carats produced and sold from the processing of satellite material from the Misery South and Southwest kimberlite pipes as this material was excavated during the pre-stripping operations for the Misery Main pipe. During the first quarter, the Company sold an estimated 0.1 million carats of production from the Misery South & Southwest kimberlites for estimated proceeds of$6.9 million for an average price per carat of $75, which includes the recovery of small diamonds.

 Click here to read the full Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) press release.