Mountain Province Diamonds, a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories made their Q1 Reports for the spring season of 2023.
Mountain Province Diamonds has announced production and sales results for Q4 and 2022 from the Gahcho Kué Diamond Mine.
According to Rough & Polished, during Q4, 1,621,800 carats were recovered. For the full year 2022, 5.52 million carats were recovered (less than the guidance of 5.60 – 5.80 million carats). In 2022, approximately 2.7 million carats were sold at an average value of $112 per carat for total proceeds of $297.3 million. This compared to 3.2 million carats sold at an average value of US $75 per carat for total proceeds of US$236.9 million in FY 2021.
The Hearne kimberlite is one of four kimberlites being mined at Gahcho Kué Mine, which is presently ranked as 4th in the world by annual diamond production. Mountain Province is a 49% shareholder at Gahcho Kué with joint venture partner De Beers Canada as operators.
Mountain Province Diamonds has found new kimberlite on the claims and leases surrounding the existing Gaucho Kué mining operation in the Northwest Territories. The new KE kimberlite “is a distinct occurrence that is located about 450metres east of the Kelvin kimberlite,” the Toronto-based miner said on Wednesday. Further drilling of the KE kimberlite is planned for the 2023 exploration program, Mountain Province said. The mine is slated to operate until 2028.
Gahcho Kué is a joint venture between Mountain Province holding a 49% stake and De Beers Group, which owns 51%.
Mountain Province, holding a 49% stake in the Canadian Gahcho Kué mine, reports its latest Antwerp sales, with proceeds amounting to US$41.4m for 322,547ct, achieved a record ROM price of US$126/ct, up another 13% compared to the first sale of the year.
The company also announces a supply agreement with Chow Tai Fook, multinational jewelry retailer with presence in China, Japan, Korea, Southeast Asia and the US, providing the retailer with a select range of diamonds over a one-year, renewable term.
Mountain Province announced the results of their first diamond sale of the year in Antwerp. The company sold 181,851 carats of diamonds recovered from the Gahcho Kué mine for total proceeds of US$25 million. This results in an average value of US$137 per carat for the Antwerp tender, which is 84% higher than the average price per carat of all diamonds sold in 2020.
Results from Mountain Province Diamonds on Q4 and the full year (2021) reveal the miner, operating the Gahcho Kué mine in the Northwest Territories are in line with production guidance (1% below) while preliminary cost per tonne was down slightly. The miner sold 808,739 cts for US$65,7m in Q4 in Antwerp, at an impressive average of US$83/ct, well above the US$65/ct achieved in the same period in 2020.