Mountain Province Diamonds Earns $27M at Latest Sale in Antwerp

Mining and Exploration
07/09/2018 11:03

Canadian miner Mountain Province Diamonds earned US$26.9 million (CDN$35.3 million) from the sale of 411,317 carats at their seventh Antwerp sale of the year, completed on August 31. The overall average realized value was only US$65 per carat, a slight decline from their previous sale, driven by a lower qualites and downward pressure on the market for smaller goods, while their 'specials' (larger than 10.8 carats) continued to perform well. 

“Our seventh sale generated high competition levels which allowed us to sell all lots and achieve full revenue,” said Reid Mackie, the Company’s Vice President Diamond Marketing. “Consistent with the wider rough diamond market, prices saw single digit decreases overall. Lower qualities and smaller sizes experienced price pressure but our +10.8 carat specials performed well and made a strong contribution to the higher total sale result."

Stuart Brown, the Company’s President and Chief Executive Officer, said, “The seventh sale of the year totalling US$26.9 million was a pleasing result considering the time of the year and the diamonds on offer. The production from the mine and the plant continue to outperform our expectations with the higher grades continuing to help generate more carats which contribute to our positive cash generation.” Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories.