Mountain Province Revenue Slides in Q2
August 15, 23
(IDEX Online) - Mountain Province saw revenue from the Gahcho Kue mine, in Canada, slide by 41 per cent during Q2, down from $76m to $44.6m (all figures are US dollars).
The Toronto-based miner, a 49 per cent joint venture partner with De Beers, said the quarterly figures were skewed because it held three sales in Q1, rather the normal two.
Average price carat dipped slightly from $130 in Q2 2022 to $124 in Q2 2023 and volumes were down 38 per cent form 587,000 carat to 360,000 carats.
Earnings from mine operations was down from $38.2m to $38.2m and adjusted earnings (EBITDA) were down from $41m to $22.8m, according the company's second quarter financial results.
Mark Wall, president and CEO, said costs had increased due to waste stripping - along-term investment - together with one-off maintenance costs and a five-day shutdown.
"Considering the points above our 2023 guidance remains unchanged, with production trending to the mid/lower end and production costs trending to the mid/upper end of the range," he said.
Pic shows the processing plant at Gahcho Kue