Mountain Province says Price per Carat is up 60%
August 10, 22
(IDEX Online) - Mountain Province saw profits almost static (up by less than one per cent) during the last quarter as higher per-carat prices made up for a steep fall in sales volume.
The Canada-based miner said carats sold during the three months ending 30 June were down 18 per cent, year-on-year, but the average price per carat leapt from $82 to $131, (figures are US dollars) an increase of almost 60 per cent.
Profit for the quarter was $17.7m, although half-yearly profits were up by almost 58 per cent to $39.2m.
Mountain Province which operates Gahcho Kue (pictured), in Northwest Territories, in a joint venture with De Beers, said it was a "strong financial performance".
Mark Wall, president and CEO, did note, however that "there remain other areas of the operational performance that do not meet our expectations.
He said: "We continue to actively engage with De Beers as the operator around the plan to deliver these improvements."