The Original Fortrove Designer
Jewelry Blog

Owners of Quebec, Canada's Renard diamond mine, Stornoway Diamond Corp. have recently announced that Patrick Godin will be taking over as president and CEO, having served as their chief operating officer since 2010.

He will be replacing Matt Manson, who held his CEO position since 2009 and helped finance the Diavik Diamond Mine as vice president of Aber Diamond Corp two years prior. Godin's promotion comes at a time when the third quarter of 2018 has seen a $37.6 million net loss for Stornoway.

“We continue to see weakness in the diamond market, particularly in smaller and lower quality items, and this has continued into the fourth quarter,” explained Manson in a statement. “Our balance sheet strengthened following the $129 million in financing agreements announced on October 2, and with steady-state operations achieved at the Renard mine, our outlook for the remainder of the year and into 2019 is positive.”

Godin plans to focus the company's resources on "delivering further performance improvements, adding to our reserve base, and maximizing free cash flow generation, while being on the lookout for value-creating growth opportunities over the longer term.”