Mining Weekly reports that Mountain Province, owning a 49% stake in the NWT Gahcho Kue mine, has proposed a deal to Dunebridge Worldwide, an affiliate of shareholder Dermot Desmond, to sell its run-of-mine production, at current market prices at the moment of each sale. The first sale is scheduled for roughly US$22 million later this week. Mountain Province will be entitled to a certain portion of the potential added value - after fees and expenses - generated by Dunebridge when it sells the diamonds in the future.
Mountain Province Diamonds has announced improved production and sales results for the first quarter of 2020, though their sales are currently on hold. In Q1 2020, Mountain Province sold 659,318 carats at an average value of $99 per carat (US$75 per carat) for total proceeds of $65.4 million (US$49.2 million) in comparison to 643,739 carats sold at an average value of $94 per carat (US$71 per carat) for total proceeds of $60.7 million (US$45.8 million) in Q1 2019.
With its share price last topping $1.00 on October 28, 2019, Canadian miner Mountain Province Diamonds (MPD) has notified the Nasdaq Stock Market of its intention to voluntarily delist its common shares from the Nasdaq Stock Exchange (NASDAQ). MPD's shares will continue to trade on the Toronto Stock Exchange (TSX) after the NASDAQ delisting becomes effective on or around February 11. The miner had already indicated last August that delisting was imminent.
Mountain Province Diamonds turned in a very strong production performance at the Gahcho Kué mine in Canada, particularly in the fourth quarter, but a 15% decline in the average price achieved for their rough diamonds over the course of 2019 dragged their proceeds down. A slightly lower recovery grade also curtailed their carat recovery, which ended just below 2018 levels.
De Beers is moving to expand exploration at its Gahcho Kué diamond mine, while Dominion Diamond Mines (DDM) is looking to expand a major exploration program east of Ekati mine, according to several Canadian news outlets. In a Dec. 31 submission to the Mackenzie Valley Land and Water Board, De Beers indicated it would be exploring 11 targets of interest by late February.
Mountain Province Diamonds reached the upper level of its output guidance in 2019 and sees opporunity for further growth in 2020. President and CEO Stuart Brown confirmed in a Dec. 19 statement that the miner will achieve the upper end of their production guidance of 6.7 – 6.8 million carats recovered on a 100% basis. Mountain Province Diamonds is a 49% participant with De Beers Group in the Gahcho Kué diamond mine in Canada's Northwest Territories.
The difficulties facing diamond miners delivering products at the lower end of the market hit Mountain Province Diamonds (MPD) particularly hard in Q3 (the three months ending Sept. 30), though the miner has been struggling with low prices for some time now. Q3 revenue from sales declined by 26% as the average price per carat fell by 28%. The company attributes a downturn in carats recovered, as well as the low prices achieved, to mining activity in a lower grade and quality areas that delivered "the expected poorer product mix", as well as "challenging" market conditions.
Rio Tinto saw its diamond output fall in the third quarter of 2019 (three months ended September 30, 2019), citing lower carat grades from its Argyle mine in Australia and lower ore availability at the Diavik mine in Canada. The multinational mining group reported a 7% decline in diamonds produced during the quarter and a 9% drop over the first nine months of the year.
A 27% decline in the average price per carat led to an equivalent decline in total Q3 proceeds for Canadian miner Mountain Province Diamonds, as the company sold about the same number of carats as in Q3 last year.
Two major Canadian diamond miners, Stornoway and Mountain Province, have been put on notice and will be facing a delisting review from respectively the Toronto Stock Exchange and Nasdaq, as an extremely soft market has punished their recent results and their share prices have plummeted.
Mountain Province Diamonds reported a decline in carats recovered and sales in Q2 2019, but the miner's profit rose 61% to C$10.3 million (US$7.8 million) via foreign exchange gains resulting from the relative strengthening of the Canadian dollar versus US dollar. Mountain Province achieved production targets for the quarter and was ahead of plan at the end of the first half of the year despite a “very difficult rough diamond market”.
Over the last five years, we’ve probably seen too much supply of rough going into the market. The big producers are seeing the need to restrict supply. There's a realization that we have to get back in balance. We see the diamond market as being more positive in the future but we’ve got some challenges right now.
Stuart Brown, CEO at Mountain Province on rough supply, the diamond retail market and LGDs.
Canadian miner Mountain Province Diamonds has reported a 10% decline in output during Q2 from the Gahcho Kué diamond mine located in Canada's Northwest Territories. While Mountain Province mined 10.8 million tonnes of material during the quarter, 6% higher than the same period last year, a 9% decline in the recovered grade kept their overall recoveries down, but still ahead of plan. The miner produced 847,772 carats in Q2 (49% of the ouput shared with De Beers Canada). Diamond sales remained stable, particularly in the larger sizes (5 carats and up).
Mountain Province Diamonds has discovered a new kimberlite at its Gahcho Kué Joint Venture (GKJV) leases, the company announced today in a press release. The Wilson kimberlite - named after Alice Evelyn Wilson (1881-1964), who is officially recognized as Canada's first female geologist - is located roughly 200 meters east of the Tuzo kimberlite and was discovered during drill testing of geophysical and geological anomalies in the area.
Canadian miner Mountain Province Diamonds has added two diamond industry veterans and a long-time investor to its board of directors as the company looks to "execute our strategy to deliver long-term value to our shareholders." Among the new appointees is William Lamb, the former CEO of Vancouver-based Lucara Diamond Corp. (May 2011 to February 2018), who brings 25 years of experience in mining operations and project development to the Canadian miner.
Mountain Provice Diamonds recorded a 3% year-over-year drop in recovered carats at the Gahcho Kué Diamond Mine during Q1 2019 despite a 11% increase in tonnes of ore treated, as the average recovered grade slipped by 13%. Rough diamond sales also fell by 12% as a result of a 28% decline in the average price per carat sold, offsetting the larger volume it marketed through Bonas tender house in Antwerp.
Mountain Province Diamonds has provided an update to the Mineral Resource Estimate for the Faraday 2 kimberlite, reporting a 74% spike to 5.45 million carats of diamonds, outstrippiing the 2017 estimate of 3.13 million carats. The update now cites an inferred resource of 2.07 million tonnes of kimberlite, a 49% increase from the1.39 million tonnes cited in 2017. The overall grade has also increased by 17% to 2.63 carats per tonne, and the average value per carat has jumped 25% to US$140 from the 2017 estimate of US$112 per carat.
The Gahcho Kué Diamond Mine, a joint venture between Mountain Province (49%) and De Beers Canada (51%), exceeded expectations in its first full year of commercial production, setting records for carat recoveries and sales despite a challenging end of year 2018. Mountain Province reports that the Gahcho Kué Mine exceeded its upper end of FY2018 guidance of tonnes treated, processing 3,194,000 tonnes (2017: 2,775,000 tonnes) and recovered 17% more carats than last year, settting a new high for the mine of 6,937,000 carats (2017: 5,934,000 carats) with a 4% increase in the average grade.
Mountain Province Diamonds will include in its upcoming, February rough diamond sale an exceptional quality, 60.59-carat, fancy vivid yellow rough diamond. The diamond was recovered at the Company’s Gahcho Kué Mine in October 2018. Also included in the sale will be more than 50 other large, high-quality white and fancy-colored rough diamonds. Viewings will take place between February 11 to 21 at the offices of Bonas-Couzyn in Antwerp, Belgium.
Canadian miner Mountain Province Diamonds reported a 17% jump in carat production for the full year 2018, with sales rising 30% to $US240 million. The company's 49% share of production from the Gahcho Kué mine it shares with De Beers totalled 3.4 million carats, (full GK production 6.9 million carats) compared to the 2.9 million carats (5.9m) recovered last year, following from a 25% rise in total tonnes mined (ore & waste) and a 15% rise in total tonnes treated.
Mountain Province Diamonds says that it expects the Gahcho Kué mine in Canada, a JV with De Beers (51% owner), to surpass its 2018 production guidance of 6.6 million carats. Output is then expected rise to a range of 6.6 million to 6.9 million carats in each of 2019 and 2020, followed by 6.8 million to 7.1 million carats in 2021. The miner says the production guidance over the three-year period 2019 to 2021 is evidence of a sustainable and smooth mining rate as the mine performance maintains a steady state.
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.
Canadian miner Mountain Province's production and sales of rough diamonds from the Gahcho Kué mine underwhelmed in the third quarter of 2018, as production was on the downside of flat during the quarter, while sales increased against a low comparison point in 2017 and the cost of production rose. Sales increased by 15% to US$57 million (C$75 million) at an average price of US$73 per carat, but net income dropped by 37% to US$13 million (C$17.5m) from US$21million (C$16m).
Mountain Province Diamonds, which owns 49% of the the Gahcho Kué mine in the Northwest Territories in Canada, earned $24.2 million in its latest diamond sale in Antwerp, its eighth of the year. The miner sold 366,505 carats at an average realized value of US$66 per carat, which the miner said was in line with their expectations and reflect current market conditions.
Canadian miner Mountain Province Diamonds (MPD) has announced "very encouraging" results from its exploration program currently under way in the immediate vicinity of the Gahcho Kué mine. If the exploration success continues and is confirmed, it could lead to the potential addition to the resource of 1.5 to 2.8 million tons and 2.2 to 4.2 million carats, said Stuart Brown, the Company’s President and CEO.
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.
Canadian miner Mountain Province Diamonds earned $22.2 million (C$28.9 million) from 334,751 carats of Gahcho Kué goods sold at its recently completed sixth diamond sale of the year. The average price earned of $66 per carat was lower compared to the previous sale of $85 a carat, "driven by a much smaller offering of fancies and specials and a slight softening in prices for smaller, lower priced diamonds," said Reid Mackie, the Company’s Vice President Diamond Marketing, but the price earned was in line with expectations.
Canada’s Mountain Province Diamonds second quarter output at the Gahcho Kué mine jumped by 20 percent to 1.9 million carats compared with 1.6 million carats a year earlier as plant optimization led to better-than-anticipated performance, and recovered grade continues to outperform expectations. The plant treated 899,000 tons during the quarter, 17% ahead of the same quarter last year despite a decline in ore tons mined, and achieved a higher average grade.
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 fifth diamond tender sale of 2018, and the total proceeds from the sale - US$30.3 million (CDN$40.0 million) - set a new high for Mountain Province’s tender results to date. The tender also included the sale of the miner's highest value individual diamond, as well as the highest attributable value per ton ($234) to date, with a normalised value at US$86.
Mountain Province Diamonds this morning announced the recovery of a 95 carat gem diamond from the Gahcho Kué mine located in the Northwest Territories, Canada. The diamond was included in the fancies and specials parcel acquired by Mountain Province in the most recent Gahcho Kué production split (Mountain Province owns 49% and De Beers Canada 51% of Gahcho Kué run-of-mine production; they bid monthly on the fancies and specials recovered, with the winning bidder entitled to market those diamonds).
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.
Just a day after Firestone Diamonds announced that Stuart Brown was stepping down as its CEO and Director, handing the reins to Paul Bosma, Mountain Province Diamonds has announced Stuart Brown's appointment as the new President and Chief Executive Officer, with effect from July 1, 2018. Brown will be taking over for David Whittle, who has served as Interim CEO since last June.
Shareholders of the two Canadian mining companies have given their approval by an overwhelming majority for Mountain Province Diamonds to move forward with the acquisition Kennady Diamonds. The proposed deal, first announced in January 2018, will reunite mining operators that divorced some seven years ago. Mountain Province first announced spinning out its Kennady North project into a newly listed public company late in 2011.
Canadian miner Mountain Province Diamonds said that 2018 has seen a strong start in rough diamond markets. "The first two sales of the year substantially exceeded expectations, and prices have firmed across all product categories since the second half of 2017," said Interim President and CEO David Whittle. The company reported a net income of CAD$17.2 million for the full year which ended December 31, 2017.
De Beers and Mountain Province Diamonds - which together operate the Gahcho Kué mine in a joint venture - have signed a a non-binding Memorandum of Understanding (MoU) that considers incorporating properties owned by Kennady Diamonds into the Gahcho Kué mine.
At its recently completed second diamond sale of 2018 in Antwerp, Mountain Province Diamonds (MPD) realized a value per carat of US$142, the highest achieved by Mountain Province in any tender sale to date, with total proceeds of US$25.1 million on approximately 177,000 carats sold. While the number of carats sold amounted to approximately half of the amount sold at the first sale of 2018, (351,000 carats), total revenues declined by only US$2 million as a result of a large number of fancies and specials included in this tender.
Mountain Province Diamonds, with a 49% share in a joint venture with De Beers Canada to operate the Gahcho Kué diamond mine in Canada’s NWT, has recorded its most successful rough sale to date as higher prices, together with robust customer demand in Antwerp, led to record results. The company rode a 47% increase in average value per carat compared to December, US$78 per carat from US$53 per carat, to achieve a 43% increase in total value: US$27.3 million, obtained from 351,000 carats.
Mountain Province Diamonds and Kennady Diamonds have entered into a friendly and definitive agreement whereby Mountain Province will acquire all the issued and outstanding shares of Kennady, at a premium. Kennady shareholders will receive 0.975 of a Mountain Province share from each Kennady share they hold. That represents a value of $3.46 per Kennady share, and a premium of 26% to Kennady’s closing price and a premium of 15% based on the 20-day volume- weighted-average-price of Mountain Province Shares on the TSX and Kennady Shares on the TSX-V, both as of close on January 26, 2018.
Mountain Province Diamonds in December sold 364,000 carats at the tenth tender of rough diamonds from the Gahcho Kué mine, in which it has a 49% share - De Beers owns the 51% - at an average price of $53 per carat, for a total of $19.1 million.
Mountain Province Diamonds, a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories, earned $19 million from their ninth tender of rough diamonds in Antwerp. It was the lowest haul in terms of overall value since their fourth sale of the year in May, but prices remained stable to firm, generally averaging about 2% higher than the eighth sale across the full assortment profile.