Is Shilpa Shetty's 37% discount on gold scheme work?

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Post By : IJ News Service On 02 May 2014 5:21 PM
Shares of Stornoway Diamond Corp spiraled by 30 percent yesterday, following a news that the company estimates that its Renard diamond project in Quebec, could possibly be around twice as profitable to develop as compared to its estimates about seven years.%% The company is preparing to conduct a feasibility study for constructing an underground and open-pit mine at the Renard project. Today, Stornoway is estimating production at the mine to be around 1.8 million carats of diamonds per year for 25 years. It also noted that the feasibility study has affirmed Renard to be as one of the best undeveloped diamond deposits in the world, and is on its way of being Quebec’s first diamond mine, reports add. %% Renard is jointly owned by Stornoway and SOQUEM Inc., a mining and exploration investment company owned by the Quebec government. The company also noted that based on its revised economic plan, Renard is likely to fetch a pretax internal rate of return of 25 percent, as against 14 percent estimated in December 2008 forecast, due to higher estimates of diamond resources at the site.

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