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Mountain Province Projects 3Q Improvement
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Mountain Province anticipates the market for rough diamonds will start to improve toward the end of the third quarter when retailers prepare for holiday sales.“While prices in the post Covid-19 period remain under...
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Polished Markets
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Jul 20, 2020
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Rapaport News
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Lenders Grant Waiver to Mountain Province
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Mountain Province has obtained a waiver for its revolving-loan agreement as it struggles with challenges in the diamond market amid the coronavirus pandemic.The Bank of Nova Scotia and Nedbank, which hold the loan, have agreed...
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Mining
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Jul 14, 2020
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Rapaport News
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Mountain Province Cuts 2020 Production Forecast
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Mountain Province has reduced its production outlook for the year amid the challenges posed by the coronavirus pandemic and its impact on operations.The miner now expects to produce between 6.3 million and 6.4...
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Mining
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Jun 21, 2020
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Rapaport News
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Mountain Province Investor to Buy $50M in Rough
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Mountain Province plans to sell $50 million worth of rough diamonds to an entity owned by one of its major shareholders, generating liquidity amid weak prices.The first sale of $22 million in diamonds to Dunebridge Worldwide will take place...
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Mining
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Jun 09, 2020
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Rapaport News
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Strong US Dollar Pushes Mountain Province to Loss
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Mountain Province reported a loss in the first quarter as the stronger US dollar led to an increase in the miner’s debts.The company posted a net loss of CAD 41 million ($29.1 million), compared with a profit of CAD 2.5 million ($1.8...
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Mining
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May 07, 2020
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Rapaport News
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Heavy Debt Looms over Mining Shutdown
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A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.The warning comes after several miners announced...
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Mining
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Apr 23, 2020
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Leah Meirovich
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De Beers Makes Dramatic Cut to Production Plan
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De Beers has reduced its full-year production guidance by 7 million carats, putting the miner on course for its lowest output since 2009. The miner expects to produce between 25 million and 27 million carats in 2020, compared...
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Mining
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Apr 23, 2020
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Rapaport News
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Mountain Province Revenue Improves in 1Q
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Sales of rough from Mountain Province’s Gahcho Kué mine grew 2.4% to 659,318 carats in the first quarter, the company said Monday.The Canada-based miner also saw a 6% uplift in its average price, yielding $75 per...
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Mining
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Apr 22, 2020
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Rapaport News
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Mountain Province Loss Widens Amid Weak Pricing
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Mountain Province’s losses intensified in 2019 as weaker anticipated diamond prices led to the devaluation of its Gahcho Kué mine.The miner posted a net loss of CAD 128.8 million ($89 million), compared with a loss of $14.1 million...
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Mining
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Mar 24, 2020
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Rapaport News
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Production Continues as Miners Fight Virus Impact
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Alrosa, Petra Diamonds and Lucara Diamond Corp. are among the companies putting special procedures in place in preparation for a possible coronavirus outbreak, while still continuing operations at their mines.Alrosa, which has not had...
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Mining
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Mar 19, 2020
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Leah Meirovich
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Mountain Province Weighs Virus Effects
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Mountain Province has delayed its year-end results by a week due to the effects of the coronavirus, the Canadian diamond miner said Monday.The company and its auditors have been unable to complete the relevant work...
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Mining
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Mar 16, 2020
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Rapaport News
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Dominion Appoints Interim CEO
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Dominion Diamond Mines has named Patrick Merrin as its interim CEO, replacing Shane Durgin, who has left to pursue other opportunities. Merrin, who assumes the role with immediate effect, joined parent group...
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Mining
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Feb 11, 2020
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Rapaport News
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Mountain Province to Exit Nasdaq
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Mountain Province has decided to delist itself from the Nasdaq stock exchange following six months in which its shares were below the minimum bid price.The company, which is also listed on the Toronto Stock...
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Mining
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Feb 02, 2020
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Rapaport News
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Rough Slump Hits Mountain Province
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Sales of rough diamonds at Mountain Province fell 13% in 2019 as a glut in the midstream led to a challenging market.The company’s sales from its Gahcho Kué mine in Canada slipped year on year to $208.2 million in 2019, it said last...
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Mining
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Jan 26, 2020
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Rapaport News
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New Pipe Proves Fruitful for Mountain Province
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Mountain Province recovered more than 5,000 micro-diamondsfrom Gahcho Kué’s new Wilson pipe during its initial drilling program. The Canadian miner retrieved 1.7 tonnes of kimberlite fromtwo drill holes at the site, it said...
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Mining
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Dec 24, 2019
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Rapaport News
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Mountain Province Production to Rise
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Mountain Province has forecast a rise in output next year amid a stabilization of demand and operational improvements at its Gahcho Kué mine. The Canada-based miner will produce between 6.75 million and 6.95million carats, up from...
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Mining
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Dec 22, 2019
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Rapaport News
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Mountain Province Slides to Net Loss
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Mountain Province saw a net loss in the third quarter,hampered by bad weather and the negative impact of currency fluctuation. The company reported a loss of CAD 25.8 million ($19.6million) from its Gahcho Kué mine in Canada...
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Mining
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Nov 07, 2019
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Rapaport News
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Lower Grades Hit Mountain Province Production
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Production at the Gahcho Kué mine failed to meet MountainProvince’s expectations in the third quarter, as bad weather led to themining of lower-grade ore. Ore from the asset yielded 1.7 carats of rough diamonds pertonne in the three...
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Mining
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Oct 24, 2019
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Rapaport News
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Opinion: An Urgent Call to Invest in Marketing
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The diamond industry must significantly increase its marketing spend to ensure the trade’s longevity. This need is highlighted by the difficult conditions the sector has endured over the past few years.Recent challenges have...
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Marketing
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Sep 09, 2019
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Shashin Choksi & Siddharth Choksi
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Mountain Province Faces Nasdaq Delisting
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Mountain Province has been given six months toraise its share price or it will no longer be eligible to list on the Nasdaqstock exchange, it said Tuesday. The Canada-based miner’s stock is currently valued at$0.97, below the minimum...
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Mining
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Aug 14, 2019
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Rapaport News
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