Tuesday, January 31, 2023

Mountain Province reports lower diamond production in 2022, says diamond market remains resilient

On Thursday, Mountain Province Diamonds (TSX: MPVD) reported that 5,519,309 carats were recovered at Gahcho Kue during FY2022 at an average grade of 1.78 carats per tonne, up from 6,229,042 carats recovered during the comparable period (FY2021: 2.02 carats) is 12% less. ) and below the 5.60 – 5.80 million carat guidance.

According to a press release, during fiscal year 2022, the company sold 2,656,387 carats at an average price of US$112 per carat, totaling revenue of US$297.3 million, while 3,158,418 carats were sold at an average price of US$75 per carat. . US$236.9 million in FY2021.

The company said sentiment in the rough diamond market remains resilient despite some recent volatility, with strong holiday diamond jewelry sales and lower rough diamond supplies from major producers expected to support these prices until the company’s next January sale. keeps it stable.

The company said that its outlook for rough diamonds in the medium to long term remains positive. Diamond jewelry retail sales in the important U.S. market confirm a growing preference for smaller, lower-priced diamonds that are suitable for the profile of diamonds from the GK mine.

Chairman and CEO Mark Wall commented: “After a very difficult start to the year, primarily due to an increase in Covid cases at the GK mine, a detailed recovery plan was developed and executed which resulted in a quarter rate through 2022 Quarterly improvement.

“We closed out 2022 with the refinancing of our bonds, which includes a reduction of approximately $60 million in our total debt compared to this time last year. We are now entering the re-supply season of 2023 with good momentum in the cold weather and icy roads and a resilient rough market backdrop.

Mountain Province Diamonds has a 49% interest with De Beers Canada in the Gahcho Quay diamond mine located in the Northwest Territories of Canada. The company also controls 107,373 hectares of mineral rights and leases surrounding the Gacho Que mine which includes indicated mineral resources for the Kelvin kimberlites and inferred mineral resources for the Faraday kimberlites.

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Nation World News Desk
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