Stornoway Diamond Corporation announced that it has reached the stage of commercial production at its Renard diamond project (Renard) in Canada.
According to the company, the average speed of processing at the plant in 60% was carried out in the 30-day period prior to 3 December 2016.
The average speed of processing was 4,120 tonnes per day, compared with a planned capacity of 6000 tons per day.
Stornoway officially announced the beginning of commercial production on the project January 1, 2017. The company plans to continue to boost the capacity of a processing plant to the maximum over the next two quarters.
Matt Manson (Matt Manson), President and Chief Executive Officer, said: "Achieving commercial production marks the end of the period of capital costs for the project, and our ultimate capital costs are projected to be within a reduced budget of $ 775 million Canadian dollars, established in February 2016. production Capacity continues with three diamond sales are scheduled for the first quarter of 2017. "
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Agency Moody's Investors Service has upgraded the corporate rating group Alrosa diamond mining company (PJSC) from Ba2 to Ba1 and probability of default rating from Ba2 to the PD-Ba1-PD. Forecast Agency on these ratings is negative.
As noted in the Moody's report, an increase ALROSA's ratings reflects mainly the strengthening of the business and financial profile of the company; expectations of Moody's, that its financial performance will remain stable despite the volatility in demand and prices for rough diamonds; high profitability of the company, the company produced positive free cash flow and its high liquidity.
As the main shareholder in ALROSA is a Russian government, Moody's uses in its ranking methodology used to assess the issuers related to the government. Group Ba1 corporate rating reflects the combination of (1) the basic assessment of creditworthiness ba1 level; (2) the rating of the Russian Federation on the level of Ba1 local currency; (3) moderate dependence on a default between Alrosa and government; and (4) a moderate probability of government support in the event of a difficult financial situation.
Basic credit rating Alrosa was increased from Ba3 to of Ba1, reflecting the fact that its financial performance remained strong compared with the global peers, as well as expectations of Moody's, these figures will remain stable due to the status of the company as a major producer and exporter of diamonds and a weak ruble; the company's share in the world's diamond production, reaching 29%; its resource base with low production costs; technical experience in the mining industry; solid liquidity; and conservative financial policy.
At the same time, the base ALROSA credit rating reflects the unstable demand and prices for rough diamonds and the company's exposure to risks associated with the Russian macroeconomic environment, despite the large volume of exports, taking into account the fact that its facilities are located in Russia.
The above-mentioned negative outlook associated with a negative outlook and sovereign rating reflects the fact that the possibility of reducing the sovereign rating of Russia can lead to a decrease in Russian ceiling in terms of the bond issue in foreign currency. This could lead to a decrease in the company's ratings.
Currently, these ratings do not have any direct explicit pressure associated with said negative outlook. In the long term, Moody's may upgrade the ratings of ALROSA, if the agency will have to upgrade Russia's sovereign rating, and if the situation stabilizes in the diamond market, and the company will maintain its robust financial performance, continue to generate positive free cash flow and maintain a strong liquidity.
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