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.
Harry Winston Diamond shares fell 11 cents on Friday despite a successful Q3 production report.
The company (TSE:HW, NYSE:HWD) said it processed 3% more ore at its 40%-owned Diavik Diamond Mine in the Canadian north, producing 1.9 million carats from 0.6 million tonnes of ore. That translates to an 8% increase in recovered carats from the same period in 2010 due to higher processed ore grades, says Harry Winston.
Diavik’s full-year target production remains at 6.9 million carats. Production for the fourth calendar quarter is estimated to be 1.8 million carats.
