News

Advanced Search

Mountain Province Output Falters in First Quarter

Apr 17, 2022 6:17 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Production from Mountain Province’s Gahcho Kué mine fell in the first quarter amid the mining of lower-grade ore.

Rough-diamond output at the Canadian mine fell 15% year on year to 1.2 million carats for the three months ending March 31 as the company operated in a newly discovered kimberlite resource that carried lower-grade ore than the area it had originally planned to mine, Mountain Province said last week. The company’s 49% portion of production was 580,726 carats. De Beers owns the remaining 51% stake in the site.

The average ore grade slid 25% to 1.68 carats per tonne, compared with 2.23 carats per tonne during the same period of 2021, the company noted.

Sales of rough diamonds dropped 16% to 506,567 carats for the quarter. Total proceeds surged 56% to $66.7 million as the average price jumped 86% to $132 per carat. The increase in the average price reflected strong demand for rough diamonds and a shortage in retail stock, the miner explained. 

“The discovery of incremental, previously unmodeled kimberlite ore is a positive for the operation and reflects the significant opportunities for additional diamonds to be discovered at the Gahcho Kué mine,” said Mountain Province CEO Mark Wall.

Image: The ice road at the Gahcho Kué mine. (Mountain Province)
Tags: De Beers, diamonds, Gahcho Kué, Mark Wall, mountain province, Rapaport News, Rough Diamonds
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
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.