Mountain Province sells $27M of Rough, Average P/C of $65

(IDEX Online) – Mountain Province Diamonds Inc said its seventh diamond sale of 2018, completed on August 31, raised total proceeds of US$26.9 million (CDN$35.3 million). The miner sold 411,317 carats with an average realized value of US$65 per carat.

"Our seventh sale generated high competition levels which allowed us to sell all lots and achieve full revenue," said Reid Mackie, Vice President Diamond Marketing. "Consistent with the wider rough diamond market, prices saw single digit decreases overall. Lower qualities and smaller sizes experienced price pressure but our +10.8 carat specials performed well and made a strong contribution to the higher total sale result."

Stuart Brown, President and Chief Executive Officer, said, "The seventh sale of the year totaling US$26.9 million was a pleasing result considering the time of the year and the diamonds on offer. The production from the mine and the plant continue to outperform our expectations with the higher grades continuing to help generate more carats which contribute to our positive cash generation."