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Mountain Province Output Slides in 2020
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Mountain Province’s share of production at the Gahcho Kué mine fell 4% to 3.2 million carats in 2020 as the company struggled with coronavirus-related restrictions to its operations.Total output for the mine fell 4% to 6.5 million carats for...
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Mining
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Jan 14, 2021
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Rapaport News
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Robust Rough Market Boosts Mountain Province
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Mountain Province reported strong sales during the fourth quarter, noting that rough prices surpassed pre-Covid-19 levels in most categories.Revenue for the final three months of the year reached $61.7 million, the Canada-based...
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Rough Markets
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Dec 17, 2020
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Rapaport News
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Mountain Province Sees Drop in Quarterly Sales
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Mountain Province’s revenue fell 14% year on year to CAD 47.3 million ($36.1 million) in the third quarter as Covid-19 limited the miner’s ability to sell rough.The company held only one standard sale during the...
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Mining
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Nov 05, 2020
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Rapaport News
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Rough Demand Jumps at Mountain Province Sale
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Mountain Province recorded its largest open-market sale to date as rough-diamond demand returned ahead of the holiday season.The miner sold 559,528 carats for $34.3 million at last month’s tender in Antwerp, averaging $61 per carat,...
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Rough Markets
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Nov 03, 2020
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Rapaport News
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Mountain Province Output Thrives in Third Quarter
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Production at Gahcho Kué rose in the third quarter as Mountain Province mined from a higher-grade portion of the deposit.Ore from the asset yielded 2.19 carats of rough diamonds per tonne in the three months ending September...
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Mining
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Oct 19, 2020
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Rapaport News
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Mountain Province Gets Approval for Investor Bailout
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Mountain Province shareholders have approved a refinancing deal that will allow one of its major investors to buy out its current credit facility.Dunebridge Worldwide, which is controlled by Dermot Desmond, who owns just over 32%...
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Mining
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Oct 01, 2020
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Rapaport News
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Rough Sales Pick Up as Market Begins Rebound
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Miners have seen “encouraging” signs of recovery in the diamond market as they resume rough sales following an extended period of weak demand.Mountain Province garnered $8.9 million from the sale of 210,661 carats from its Gahcho...
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Mining
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Sep 22, 2020
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Rapaport News
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Mountain Province to Up Investor Sales Agreement
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Mountain Province plans to sell an additional $50 million worth of rough diamonds from its Gahcho Kué mine to Dunebridge Worldwide to help generate liquidity and bolster the company.The sale “will significantly strengthen the company's...
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Mining
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Aug 19, 2020
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Rapaport News
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Mountain Province in the Red as Demand Slows
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Mountain Province reported a loss in the second quarter as the coronavirus pandemic closed markets and hit demand.The miner posted a net loss of CAD 26.8 million ($21.8 million) for the three months ending June...
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Mining
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Aug 09, 2020
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Rapaport News
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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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