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Gahcho Kué Mine Proves Profitable in First Year

Nov 15, 2017 3:51 AM   By Rapaport News
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Mountain Province recorded a profit in the third quarter, less than a year after launching production at the Gahcho Kué mine in Canada.

The miner posted a net income of $21.8 million (CAD 27.7 million) for the three months that ended September 30, versus a loss of $4.2 million (CAD 5.4 million) a year earlier, it said Monday.

Commercial production at the mine began on March 1, with Mountain Province owning a 49% share in the operation and De Beers the remaining 51%. Mountain Province sells its share of production at tenders in Antwerp, with an average of 100 companies bidding in each sale this year, the miner reported. 

Third-quarter revenue was $51.3 million (CAD 65.2 million), versus zero in 2016, as production had not yet launched. The company sold 765,000 carats at an average price of $67 (CAD 85) per carat.

In the first nine months, revenue amounted to $73 million (CAD 92.9 million), and profit more than doubled to $26 million (CAD 33.1 million) from $10.3 million (CAD 13.1 million) a year ago.
Tags: Canada, Gahcho Kué, mining, mountain province, Rapaport News, Rough Diamonds, rough sales
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