Large Stones Keep Mountain Province on Track

RAPAPORT… Mountain Province’s sales increased
at its August tender, as larger stones and higher-than-expected production
boosted results.

The miner sold 411,317 carats of diamonds from its Gahcho Kué mine for $26.9 million, at an
average price of $65 per carat.

“Consistent with the wider rough-diamond
market, prices saw single-digit decreases overall,” said Reid Mackie, the
miner’s vice president of diamond marketing. “Lower qualities and smaller sizes
experienced price pressure, but our 10.8-carat-plus specials performed well and
made a strong contribution to the higher total sale result.”

In July, a lack of large and fancy
diamonds led to a decrease in the miner’s sales to $22.2 million at $66 per
carat.

Mountain Province and De Beers, its
partner in Gahcho Kué, bid for the right to sell large stones and fancies from
each run of production. In August, Mountain Province won the right to sell
those diamonds.

Production from the mine exceeded
expectations, yielding higher grades that boosted total sales, CEO Stuart Brown
noted.

Image: Diamond from Gahcho Kué mine. Credit: Mountain Province