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Mountain Province Sales Hit $134M in First Year

Miner records profit from Gahcho Kué operations.
Mar 29, 2018 4:53 AM   By Rapaport News
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RAPAPORT... Mountain Province saw $134 million in revenue from the first year of operations at its Gahcho Kué mine, the company said this week.

The miner sold 2 million carats at an average price of $70 per carat during 2017, and recorded a profit of $13.4 million (CAD 17.2 million). Mountain Province started recovering diamonds from the asset in late 2016 and reached commercial production — its expected output level — in March 2017.

Prices have increased in 2018, with the miner’s first sale of the year, in February, garnering $78 per carat, and its March tender achieving $142 per carat, the company’s highest average selling price to date.

“The 2018 year has seen a strong start in rough-diamond markets,” said CEO David Whittle. “The first two sales of the year substantially exceeded expectations, and prices have firmed across all product categories since the second half of 2017.”

Mountain Province owns 49% of the Gahcho Kué mine, with De Beers holding the remaining 51%. Mountain Province is also in the process of acquiring the Kennady Diamonds project, adjacent to Gahcho Kué, and has provisionally agreed to incorporate those assets into the Gahcho Kué operation.
Tags: David Whittle, De Beers, Gahcho Kué, Kennady Diamonds, miner, mountain province, Rapaport News
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