Canadian Miner Mountain Province’s Antwerp Tender Exceeds Expectations

Mining and Exploration
25/05/2018 09:29

Canadian miner Mountain Province Diamonds (49% participant with De Beers Canada in the Gahcho Kué diamond mine in Canada’s NWT) announced the results of its recently completed fourth diamond tender sale of 2018. Total proceeds from the sale were US$28.3 million, the highest total for any Antwerp tender result to date. The miner said that market sentiment remained positive coming out of the April holidays and into the fourth selling cycle, while customer participation was healthy with 191 companies attending the tender in Antwerp and an average of 12.4 bids received per lot. The miner sold 350,000 carats at an average price of $81 per carat, well above the price receieved at the previous auction. 

Reid Mackie, the Company’s Vice President Diamond Marketing, commented, “Our fourth sale results reflect the overall positive sentiment in the rough diamond market, driven by the strong fundamentals of stable rough supply and positive news from the major retail markets. Larger-size gem categories again attracted high interest levels from customers, delivering record prices for some on a per carat basis. Prices for the remaining categories of goods generally remained stable, with a marginal market price increase for these goods over our third sale results.”

David Whittle, the Company’s Interim President and Chief Executive Officer, siad, “The results of this fourth sale exceeded our target expectations. Our experience in recent sales confirms rough diamond prices are holding stable, supported by strength in the largest retail diamond jewellery markets in the world, the US and China. Mine and plant operations continue to perform solidly, with production remaining comfortably on track compared to plan due to good production rates and continued strong grade”. As previously announced, Stuart Brown will assume the role of President and Chief Executive Officer effective July 1.