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Metals & Mining Industrial Metals & Minerals

Stornoway Diamond Corp is a leading Canadian diamond exploration and producing company. Its principal business is the development of its flagship asset, the fully-owned Renard Mine, located in Quebec, Canada. The company intends to grow its business through the exploration and development of its mines. Stornoway also holds interests in a portfolio of exploration assets across Canada through owned properties and joint ventures. These properties and joint ventures include projects such as Adamantin, Qilalugaq and Pikoo.

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7936567 Canada Inc

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Comment by Infirstmoneyon Sep 10, 2019 3:17pm

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Post# 30113842

RE:RE:Just a fraction of a second before Profit is coming...

The price that they can sell their diamonds for, has fallen quite a bit the past 3 years. Currently it costs them more to mine and transport it, than what they are getting back in return. On the grand scale of things, this mine is small ( not a world class, low cost operation), plus they have had lots of cost overuns, and specific mining issues, which has caused them to burn all their cash. The "operational" issues just took too long to correct,or turn around.

They kept buying equipment, and adding staff, and learning from their mistakes, but ultimately, this was the gang that could never shoot straight. It was a great story, but a badly run business.

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