Mountain Province Sales Up, Prices Down
October 22, 24
(IDEX Online) - Mountain Province saw third quarter sales rise 12 per cent to $50.8m, as prices remained "largely stable".
The Toronto-based miner said that unlike many rough suppliers it hadn't canceled or postponed either of its two sales during the period, even though the market had been "unsettled by continued price decreases".
During the quarter it sold many more carats - 679,599 carats compared to 478,653 carats in Q3 2023 - but average price per carat dropped by almost 27 per cent from $95 to $75.
It said 2024 production guidance for its Gahcho Kue mine, in the Northwest Territories of Canada, remained at 4.2m to 4.7m carats, despite a 10 per cent drop in output to 1.19m carats, during the three months to 30 September.
Mountain Province takes a 49 per cent share of diamonds recovered. The remainder go to De Beers, its joint venture partner.
"The rough diamond market during Q3 was unsettled by continued price decreases announced by leading polished diamond price indices," said Reid Mackie, Mountain Province's vice president of diamond sales and marketing.
Mountain Province said in August that the mine is expected to produce 18 per cent more carats during its lifetime and is likely to continue processing ore until early 2031, rather than 2030, as previously forecast.
Pic of Gahcho Kue mine, courtesy Mountain Province.