Dominion Diamond Corporation reported total sales for fourth quarter fiscal 2016 (November 2015 through January 2016)  of $178.1 million  as against sales worth US$ 240.6 million for  Q4 fiscal 2015, representing a drop of 25.97%.

Sales for fiscal year 2016 at US$ 720.6 million were down 21.30%    when compared to sales amounting to US$ 915.7 million recorded in fiscal 2015.

Of total sales for fiscal 2016, Ekati (100% basis) accounted for sales worth US$ 464.8 million; while Diavik (40% basis) share amounted to US$ 255.7 million.

(The Company clarified that excluded from the Ekati sales recorded in Q4 fiscal 2016 and for full fiscal year 2016 are sales of some production from the Misery Northeast pipe produced during the pre-commercial production period.)

Reporting on the Q$ fiscal 2016 Ekati production Dominion said:  “Excellent performance in the fourth quarter resulted in 42% higher carat production versus Q4 2015.”

During fiscal 2017, the Company said it plans to produce 5.5 million carats from the processing of 3.9 million tonnes of ore (fiscal 2016: 3.7 million carats from the processing of 3.6 million tonnes).

While three rough diamond sales were held during Q4, the Company says it plans to hold two rough diamond sales in the first fiscal quarter of 2017. “At January 31, 2016, the Company had approximately 2.0 million carats of rough diamond inventory available for sale with an estimated market value of approximately $97 million,” Dominion reported. “The Company also had approximately 1.3 million carats of rough diamond inventory that was work in progress (compared to 1.0 million carats of rough diamond inventory that was work in progress as at January 31, 2015).”