|Dominion Diamond Corporation (Dominion) has announced its fourth quarter and full year financial results for the fiscal year ending January 31, 2017 (Fiscal 2017), reporting full year operating loss of US$56.6 million, and Q4 operating loss of US$24.5 million.
Full year sales are reported at US$570.9 million, compared with US$720 million achieved in the previous year.
Dominion's guidance for Fiscal 2018 is optimistic, with sales expected to be between US$875 million and US$975 million.
The company notes that it "...remains focused on continuing to optimize its existing operations, is well-positioned to advance its portfolio of development projects at both the Ekati Diamond Mine and the Diavik Diamond Mine and is increasing exploration efforts in the highly prospective Lac de Gras region."
Commenting on the results, Dominion Chairman Jim Gowans says, "We continue to execute on our long-term strategy and create value for all shareholders. With the support of our strong balance sheet, we are well-positioned to advance a number of key development opportunities and begin reinvestment in near-mine exploration at both Ekati and Diavik."
Continues Gowans: "As an established operator, one of our primary objectives is to leverage our infrastructure advantage in one of the world's most prospective diamond mining districts."
"The much-anticipated ramp up of high value production at Ekati, together with steady performance at Diavik, is driving significant growth in gross margins and Adjusted EBITDA," continued Gowans. "We expect this momentum to continue, with significantly higher sales and Adjusted EBITDA as highlighted in our guidance for fiscal 2018. We are confident in our ability to advance a number of projects to production, enhancing our medium- to long-term cash flow profile, while driving efficiencies across our operations and maximizing the value of our product by leveraging our expertise in sales and marketing."