Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Canada’s Dominion Diamond Corp. (TSX: DDC; NYSE: DDC) revised its forecast Friday for Diavik mine production in the upcoming year by 11% to 6.6 million carats.
The increase is primarily due to the mine processing more stockpiled ore for a total of about 2 million tonnes of material.
Dominion also said it’s reviewing its Ekati mine plan and budget and expects it to produce 1 million carats by the end of the year.
Based on current prices, the company also forecast its rough diamond sales for the 2014 fiscal year at $730 million split evenly between the 40% Diavik share and the 80% Ekati share.
Image courtesy Dominion Diamond Corp.
