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Mountain Province Revenue Rises Amid Asia, US Demand

Miner saw sales of $52 million from two tenders in the first quarter.
May 15, 2018 6:21 AM   By Rapaport News
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Mountain Province saw $52 million in revenue from its Gahcho Kué mine in the first quarter of 2018 amid strong demand for rough diamonds.

“Rough-diamond markets in general continued to firm notably through the quarter, with strong demand and price increases reported across all product categories, supported by robust retail jewelry sales reported from both the US and Asian markets,” said David Whittle, Mountain Province’s CEO.

The miner sold 527,000 carats at an average price of $99 per carat in the first three months ending March 31, recording a profit of $52,318 (CAD 67,000) for the period. 

Mountain Province started recovering diamonds from its Canadian asset in late 2016, and reached commercial production — its expected output level — in March 2017. It began recording revenue in the second quarter of 2017.

Mountain Province held two tenders in the first quarter, both in Antwerp, with a 30% rise in attendance versus the same period last year, the miner said. The third sale of the year, which closed in early April and yielded $26.4 million in sales, will count toward second-quarter revenue.

The company will hold a total of three tenders in the second quarter, two in the third and three in the fourth quarter.

Mountain Province expects to achieve production on a 100% basis — which includes De Beers’s share — of 6.3 million to 6.6 million carats for the year, it said.

Mountain Province owns 49% of the Gahcho Kué mine, with De Beers holding the remaining 51%. Mountain Province recently acquired 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, mountain province, Rapaport News, Rough Diamonds
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