News

Advanced Search

First Gahcho Kué Diamond Sale Slated for 4Q

Aug 15, 2016 10:13 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Mountain Province Diamonds confirmed the first sale of rough from its Gahcho Kué mine is expected to be held in the fourth quarter.

Initial sales will be of “pre-commercial” production, a term for the mine’s output until it achieves 70 percent of capacity. Sales will then take place approximately every five weeks. The mine is on track to achieve commercial production in January 2017.

Rough diamond output will be around 1 million carats by the end of the year, of which about 500,000 carats will go to Mountain Province, Patrick Evans, the miner’s president and chief executive officer, told Rapaport News earlier this year.

Mountain Province owns 49 percent of the mine and will receive that proportion of Gahcho Kué’s run-of-mine production, with 51 percent owner De Beers taking the rest.

Mountain Province narrowed its loss 94 percent to $272,159 (CAD 351,915) in the second quarter ending June 30, the miner also said.
Tags: Canada, De Beers, Gahcho Kué, mining, mountain province, Mountain Province Diamonds, Rapaport News, rough, Rough Production, rough sales
Similar Articles
Trans HexTrans Hex Sells Idle Mines
Apr 23, 2018
South Africa-based diamond producer Trans Hex is selling two of its Lower Orange River mines that
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.