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Dominion Diamond's fiscal Q1'18 sales, production up YOY

Dominion Diamond Corp. said June 12 that higher-value production from its Ekati diamond mine in Canada's Northwest Territories drove year-over-year increases in the company's sales and adjusted EBITDA in the first quarter of its fiscal 2018.

Sales totaled US$211.0 million, up 18% on a yearly basis due in part to the sale of higher-value goods from Ekati, including about US$21 million of high-value, fancy colored diamonds.

Adjusted EBITDA came in at US$97.0 million, compared with US$54.3 million in the year-ago period, reflecting a significant increase in gross margin.

Consolidated carats recovered rose 17% year over year to 2.15 million carats due mainly to output from the high-grade Misery Main pipe at Ekati, with stable production at the Diavik diamond mine.

The company's consolidated net loss widened to US$7.8 million in the quarter from US$5.3 million booked a year earlier. The figure includes a foreign currency exchange impact on income tax expense totaling US$13.6 million and US$2.3 million in restructuring costs.

Dominion Diamond's financial and operating forecasts for fiscal 2018 remain unchanged, with sales expected to range from US$875 million to US$975 million. Adjusted EBITDA is expected to total between US$475 million and US$560 million.