Mountain Province Reports Increased Rough Sales
January 16, 22
(IDEX Online) - Mountain Province Diamonds (MPD) reported a 2021 output of 6.23m carats, fractionally below its target despite a 22-day Covid-enforced closure of its Gahcho Kue mine.
It was "an excellent year", the Canadian miner said, as it announced Q4 and FY2021 production results.
MPD owns a 49 per cent share of Gahcho Kue (pictured). De Beers Canada owns the remaining 51 per cent.
Revenue was up for the full year, as higher prices offset lower output.
Sentiment in the rough diamond market remains buoyant, it said, and the mid-to-long-term prospects are good.
"Sales in the important US market confirm a growing preference for smaller, lower priced diamonds which align well with the diamond profile of the Gahcho Kue Mine."
A total of 6,229,042 carats were recovered during FY 2021 at an average grade of 2.02 carats per tonne, four per cent less than FY 2020.
Diamond sales for Q4 totaled 808,739 carats at an average US$83 per carat for total proceeds of US$67.5m.
By comparison diamond sales in Q4 2020 were 957,120 carats sold at an average US$65 per carat for total proceeds of US$61.7m.
During FY 2021, 3,158,418 carats were sold at an average value of US$75 per carat for total proceeds of US$236.9m.
Sales in FY 2020 were 3,329,289 carats, at an average value of US$51 per carat for total proceeds of US$171.3m.
"We end the year with production very close to guidance, lower costs and increased revenue based on a rising demand and strengthening diamond prices, which is a great platform to commence 2022," said Mark Wall, CEO and president.