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Gahcho Kué Production Exceeds Forecasts

Oct 25, 2017 7:50 AM   By Rapaport News
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Mountain Province Diamonds could surpass its diamond output target for 2017 from the Gahcho Kué mine in Canada’s Northwest Territories due to stronger-than-expected production in the third quarter.

Mountain Province is a 49% partner with De Beers Canada in the mine, which consists of a cluster of four kimberlites, three of which are being developed and mined under the current plan.

Total production at the mine in the third quarter was 19% higher than forecast at 1.8 million carats, with Mountain Province’s share of the output amounting to 894,000 carats. For the first nine months, total production was 4.3 million carats, with 2.1 million carats attributable to Mountain Province, the miner reported Tuesday.

“Given the continuation of our strong plant performance and favorable grade experience at the... mine, we are well on track to meet and exceed our current full-year 2017 production guidance of 2.72 million tonnes processed and 5.5 million carats recovered on a 100% basis,” said David Whittle, the company’s interim president and CEO.

The company sold 353,000 carats for $21.3 million at its eight sale of the year in October, with an average price of $60 per carat. The decline in sales from $27.1 million in the September tender reflected seasonal quietness due to Jewish holidays and Diwali. In addition, the September and October sales featured fewer fancy-color or exceptionally large or high-quality diamonds than in previous sales, Mountain Province said.
Tags: Canada, David Whittle, De Beers Canada, Gahcho Kué, mining, mountain province, Mountain Province Diamonds, northwest territories, Production, Rapaport News
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