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Mountain Province Output Thrives in Third Quarter

Oct 19, 2020 7:40 AM   By Rapaport News
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Production at Gahcho Kué rose in the third quarter as Mountain Province mined from a higher-grade portion of the deposit.

Ore from the asset yielded 2.19 carats of rough diamonds per tonne in the three months ending September 30, 27% higher than the same period a year ago. Total output rose 17% to 1.8 million carats, Mountain Province, which owns 49% of the asset, said last week. De Beers holds the remaining 51%.

The focus on Gahcho Kué’s higher-grade 5034 pit compensated for the lower overall volumes resulting from Covid-19 restrictions.

“We are pleased with the latest quarterly production figures considering the impacts of Covid-19 on operations over the past few months,” noted Mountain Province CEO Stuart Brown. “We have dramatically improved our mining operations from the previous quarter by achieving 30% more in total tonnes mined, and we expect this trend to continue into the next quarter.”

The company resumed its traditional tender sales in September following a hiatus during the pandemic. Its next sale will close at the end of October. In June and August, the company sold a total of $100 million in rough diamonds to Dunebridge Worldwide, one of its major shareholders.

“Overall, things are starting to trend in the right direction for the company considering the ongoing challenges of Covid-19,” Brown continued.

Mountain Province will release its full third-quarter financial results on November 4.

Image: The Gahcho Kué mine. (Mountain Province)
Tags: De Beers, Dunebridge Worldwide, Gahcho Kué, mountain province, Rapaport News, stuart brown
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