The quarter was marked by substantial investment in its Diavik and Ekati mines
Dominion Diamond Corp., the Canadian diamond mining company, has released its third quarter results for fiscal 2016.
Positive free cash flow was $8.5 million for the quarter, operating cash flow was $60.9 million, and cash expenditures were $52.3 million. Investments included the A-21 pipe at Diavik Diamond Mine and the Misery Main, Pigeon, and Jay pipes at the Ekati Diamond Mine.
“We are pleased to report positive free cash flow and positive earnings in what is currently a challenging diamond market,” said CEO Brendan Bell. “We are near the end of what was always going to be a transitional year at Ekati and have a strong balance sheet. Misery Main is on budget and on schedule for first production at beginning of next year. We are nearing the finishing line on the Jay environmental assessment, and the development of A-21 at Diavik continues to progress on schedule and on budget.”
The consolidated net profit attributable to shareholders was $4.1 million, or $.05 per share.
The full report is available to download here.