Dominion Diamond Reports ‘Robust’ Sales for Q1

Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) announced its results for the first fiscal quarter of 2016, commenting that its sales came to US$187.7 million, up from $175.5 million during the year-ago period.

Other highlights include:

• The planned drilling programmes at the Sable and Jay pipes have been successfully completed and evaluation is underway with Sable results expected in the third quarter, followed by Jay.
• The Company retains a strong balance sheet, has initiated a regular dividend, and is well positioned to provide the substantial capital needed for the development of Misery Main, Lynx, Pigeon, A-21 and Jay.
• The Company was very pleased with the successful and well attended launch of the CanadaMark business-to-business trading platform at the recent JCK show in Las Vegas.

Brendan Bell, acting CEO of Dominion, commented:

Despite a slightly weaker market to start the year, our first quarter sales remained robust. However margins reflect the fact that as forecast, fiscal 2016 is a transitional year for the Ekati Diamond Mine, with a lower value ore mix processed until the rich Misery main pipe comes on-stream in early calendar 2016.

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