Mountain Province Recovering after Covid Shuts Mine and Hits Sales
April 20, 21
(IDEX Online) - Mountain Province Diamonds reported a 13 per cent drop in Q1 sales, but said prices were almost back to pre-Covid levels and it could see a "path to a return to normalcy".
The Canadian miner sold $42.7m, compared with $49.2m in the same quarter of 2020, which was largely unaffected by the pandemic.
A total of 602,773 carats were sold during the quarter, for an average value of $71 per carat, down five per cent on Q1 2020.
Mountain Province lost 22 work days to the pandemic at its Gahcho Kue mine (pictured), Northwest Territories, in February.
That, combined with problems restarting production, manpower issues and an extremely cold winter, meant it recovered 16 per cent fewer carats - 1,392,128 compared with 1,655,121 in Q1 2020.
Stuart Brown, president and CEO said: "The impact of the COVID-19 outbreak at the mine during the quarter was very unfortunate, particularly with all the additional safety protocols and avoidance procedures that were in place.
"With global vaccination rates increasing, we're beginning to see a path to a return to normalcy, and with it the potential for continued diamond market recovery."