Canadian diamond miner Stornoway Diamond Corp. has cut its production and sales guidance for the year, putting pressure on its balance sheet at a critical time as it shifts operations at its Renard mine from open pit to below ground.
The shares fell 5 per cent to $0.54 in Toronto trading on Wednesday afternoon. Longueuil, Que.-based Stornoway said in a release it now expects to produce between 1.35 million and 1.4 million carats of diamonds this year, down from an initial forecast of 1.6 million carats.
The company also revised its expectation for carats sold, to between 1.2 million carats and 1.25 million carats from 1.6 million previously. Continue Reading →