Lower Production Hits Mountain Province Q1 Revenue
April 30, 25
(IDEX Online) - Mountain Province revenue more than halved during a challenging first quarter, as global demand remained low and production was switched to stockpiles.
The Toronto-based miner reported sales of CAD 44m (USD 30.7m), down 54 per cent from CAD 89.4m (USD 66.1m) from the same quarter last year.
It sold 426,268 carats in Q1 2025 for an average CAD 103 per carat (USD 72). In Q1 2024 it sold 938,310 carats were sold for CAD 89.4m (USD 66.1m), averaging CAD 95 per carat (USD 70).
Mountain Province lost CAD 80.8m (USD 60.0m) in the year to 31 December 2024, and warned that the first half of 2025 would be a particularly challenging period.
It is currently processing low grade ore stockpiles as it strips waste at its Gahcho Kue mine, in Canada's Northwest Territories, to reach the higher grade NEX orebody.
As a result, the number of carats recovered fell 40 per cent during the quarter and the grade of recovered carats was down 48 per cent.
"While the processing facility continued to perform very well, the low-grade stockpiles being treated resulted in low carat production for the quarter," said president and CEO Mark Wall.
During Q2 we will continue to work to find the best grade in the large stockpile we are treating, while we close in on accessing the high grade NEX orebody at the end of Q2."
The Gahcho Kue mine is jointly owned by De Beers Canada (51 per cent) and Mountain Province Diamonds (49 per cent).
Pic shows the Gahcho Kue mine.