Mountain Province Loss Almost Doubles in 2024
March 31, 25
(IDEX Online) - Mountain Province's net loss in FY 2024 almost doubled from the previous year, as the Canadian miner sold fewer carats for lower prices.
It was "a challenging year for the diamond industry," said Reid Mackie, the company's vice president, diamond marketing, in the Full Year and Fourth Quarter 2024 Results.
And H1 2025 will be a "particularly challenging period," the company said, as it is processes ore primarily from low grade stockpiles at its Gahcho Kue mine in the tundra of Canada's Northwest Territories.
The Toronto-based miner lost CAD 80.8m (USD 60.0m) in the year to 31 December 2024, an increase of over 82 per cent from CAD 43.7m (USD 32.4m) in 2023.
Total revenue was down over 18 per cent during the year to CAD 268m (USD 187m), on sales of the same number of carats (2.7m) at an average per carat price that was down 19 per cent to CAD 98 (USD 68).
Revenue for the last quarter of 2024 was down by significantly more, a fall of almost 35 per cent to CAD 52.0m (USD 39.0m).
Mackie noted that confidence in the diamond market remained subdued at the end of 2024, but he saw some room for cautious optimism.
"In 2025, low rough diamond supply levels appear to be supporting equilibrium with downstream polished demand for natural diamonds and we are currently seeing a notable improvement in the overall sentiment in the market," he said.
The Gahcho Kue mine is jointly owned by De Beers Canada (51 per cent) and Mountain Province Diamonds (49% per cent).
Pic courtesy Mountain Province Diamonds.