Mountain Province Quarterly Revenue Hits a Near-Record $76m
July 12, 22
(IDEX Online) - Mountain Province Diamonds says total revenue for the last quarter were $76m - the second highest in the company's 36-year history.
The Canadian diamond miner, which operates Gahcho Kue (pictured), in Northwest Territories, in a joint venture with De Beers, said the market remained strong and it was on track with its refinancing and strategic objectives.
It sold 586,763 carats in Q2 2022, a 16 per cent increase on the previous quarter. Revenue was up 14 per cent on the quarter.
Average price per carat was US$130 reflected unprecedented price growth during the Q1/22, the company said.
"The rough diamond market continues to experience strong demand supported by solid US retail results," it said in a statement.
"Further support to the market is anticipated from jewellery retail in China as Covid restrictions ease in that country."
The ramp up following Covid-19 had been slower than planned, it said, but things were improving.