Mountain Province Rebounds after Liquidity Woes
August 05, 21
(IDEX Online) - Mountain Province bounced back from a loss of $18.3m last Q2 to a net income of $21.4m in the corresponding period for 2021.
The Canadian miner, which jointly operates Gahcho Kué (pictured), in Northwest Territories, with De Beers, agreed a short-term $33m loan last year with Irish billionaire Dermot Desmond, to ease its "near term liquidity needs".
It has since recovered, with the return of global demand returns and the lifting of many Covid restrictions.
Stuart Brown, president and CEO said: "Gahcho Kue has rebounded well from a difficult start to the year, with production on-track to meet our guidance.
"The return to expected levels of production, combined with the strong market recovery we've seen in the first half of the year bodes well for our revenue and cash generation into the second half of the year."