Mountain Province Bounces Back with Q3 Sales of $74m
September 28, 21
(IDEX Online) - Mountain Province sold $74.1m of diamonds in Q3 of 2021 as prices remained strong.
The Canadian miner, which jointly operates Gahcho Kue (pictured), in Northwest Territories, with De Beers, reported sales of 1,028,327 carats, at an average price (USD) per carat of $91.
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.
Stuart Brown, president and CEO said: "The strong sales results year-to-date have allowed the Company to completely repay its short-term debt facility far earlier than originally planned which is very encouraging."
He said he expected rough and polished markets to maintain momentum into the holiday buying season, which should benefit its two remaining sales for the year.
Year-to-date sales now total 2,349,644 carats, $169.4m, with a a year-to-date average value of $72 per carat.