Mountain Province's 9th Rough Diamond Sale in Antwerp "Very Promising"

Mining and Exploration
15/11/2018 17:03

Canadian miner Mountain Province Diamonds has sold US$17.7 million (CDN$23.3 million) from 245,751 carats at an average realized value of US$72 per carat at its ninth rough diamond which closed on November 14, 2018. The total proceeds from the sale were the lowest of the year thus far, but the average price per carat was the highest since the $85 per carat earned at the company's fifth sale of the year in June. Given recent reports of challenging market conditions in the rough diamond industry, the miner said the results are "very promising." Stuart Brown, the Company’s President and Chief Executive Officer says, “Our sale for this cycle was an excellent result in the current market. We were very pleased that we saw a steadying of prices in the lower quality smaller goods.”

In a statement, Mountain Province said, "We continued to see good price bids for our better quality larger goods where the majority of our value lies. We saw a slight increase in the pricing for lower qualities and smaller sizes, compared to our previous two sales." The company notes that, "sale metrics continue to support our confidence that our sales process in Antwerp is working very well and our goods across all categories are in demand. Attendance levels and bids received at this sale were above our year to date average and helped to achieve realistic prices in the current market for all categories of goods on offer." The results include the sale of fancies and specials to De Beers Canada as part of the previous production split, where De Beers Canada was the successful bidder.