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Mountain Province Production Increases

Jul 14, 2021 6:51 AM   By Rapaport News
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The Gahcho Kué mine is on track to achieve its 2021 production forecast after strong second-quarter output compensated for a shutdown earlier this year, Mountain Province said.

Total production from the site in Canada rose 14% year on year to 1.8 million carats during the three months ending June 30, the part owner reported Tuesday. The figure was also 27% higher than the 1.4 million carats it produced in the first quarter, when a Covid-19 outbreak at the mine forced a 22-day pause in operations.

Output was weak in the second quarter of 2020 because of the onset of the coronavirus crisis, which resulted in reductions to the number of workers, travel restrictions to and from the site, and special health protocols at the mine.

“We’re pleased to see production increasing in the second quarter and expect the historically productive summer months to drive the recovery into [the third quarter],” noted CEO Stuart Brown. “With the first [half] of the year complete and a sizable stockpile of ore in front of the plant, we expect to hit our 2021 production guidance of [6.3 million to 6.5 million] carats recovered.”

Sales for the period rose 23% quarter on quarter to $52.6 million, with volume climbing 19% to 718,549 carats, the company reported last month. Rough prices surged 18% on a like-for-like basis as the global market rebounded.

Mountain Province owns 49% of the Gahcho Kué mine, which is located in Canada’s Northwest Territories. De Beers controls the rest.

Image: The ice road at the Gahcho Kué mine. (Mountain Province)
Tags: COVID-19, Gahcho Kué, mountain province, northwest territories, Rapaport News
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