Stornoway Revises Construction Schedule for Renard, Lowers Costs

Stornoway Diamond Corp. (TSX:SWY) announced a revised construction schedule for its Renard diamond project. The cost of construction has been reduced as the company has consistently been ahead of schedule for several months.
As quoted in the press release:

First ore delivery to the Renard diamond process plant has now been scheduled for the end of September 2016, with commercial production (60% of plant capacity achieved over 30 days) to be achieved by December 31, 2016. This is a 5 month improvement on the previous schedule, which assumed commercial production in the second quarter of 2017.
The estimated capital cost to complete for the project has been adjusted downwards from C$811.0 million to C$775.4 million, reflecting savings in general and administrative expenses and capitalized operating expenses. The new cost forecast includes all contingencies, escalation allowances, and working capital up to the date of commercial production.

Matt Manson, president and CEO of Stornoway, commented:

This improvement in our development schedule at Renard has been made possible by the excellent construction environment we are enjoying in Québec and the efficient progress made by our team. The reduced cost to complete adds further strength to our balance sheet, already boosted by the ongoing F/X gains on the portion of our project financing that was funded or committed in US$. Future progress reporting at Renard will be with reference to these re-baselined schedule and cost targets.

Click here to read the full Stornoway Diamond Corp. (TSX:SWY) press release.