Mountain Province has announced its first quarter results (period ended March 31, 2017) from diamonds sold from the new Gahcho Kué mine, of which it owns 49% in a joint venture with De Beers. Mountain Province earned approximately US$37.7 million from three sales in Antwerp of approximately 522,000 carats - for an average price of $72 per carat.
Mountain Province Diamonds announced the production for the first quarter ended March 31 from the Gahcho Kué Diamond Mine. The GK Mine declared commercial production on March 1. For the three months ended March 31 the GK Mine treated approximately 492,000 tons of ore through the process plant and recovered approximately 867,000 carats on a 100% basis for an average grade of approximately 1.76 carats per ton.
Mountain Province Diamonds Inc. announced the FY 2016 results, reporting a net income of $3.6 million (CAD 4.8m) compared with a net loss of $32.4 million (CAD 43.2m) in 2015. The change is primarily a result of a strong Canadian to U.S. dollar exchange. The company did report a net loss of $6.2 million (CAD$8.3m) in its fourth quarter.
Diamond industry analyst Paul Zimnisky, author of the Zimnisky Global Rough Diamond Price Index, provides his thoughts on the recent struggles of diamond mining stocks. Given what is now being widely considered as a recovery and stabilization of the diamond industry last year, an optimistic post-election U.S.
The month of March will again see a full schedule of rough diamond tenders and sales in Antwerp.
Gahcho Kué, the world’s largest new diamond mine in the last 13 years, officially began commercial production today (2 March 2017), De Beers announced in a press release. The mine, a joint venture with De Beers Group (51%) and Mountain Province Diamonds (49%), is expected to produce approximately 54 million carats of rough diamonds over its lifetime. Production ramp up began on 1 August 2016 and the official opening ceremony took place on 20 September 2016. Bruce Cleaver, CEO, De Beers Group, said: “Today marks a significant landmark for De Beers in Canada as Gahcho Kué becomes an important
De Beers is shelving immediate plans to study an expansion project, called Tango, at its Victor diamond mine in northern Ontario after failing to get support from a neighboring aboriginal community, writes Reuters.
Mountain Province Diamonds, the co-owner (49%) with De Beers (51%) of the Gahcho Kué Mine in Canada's Northwest Territories, has announced the recovery of a 67.87 carat gem quality octahedron diamond during production ramp-up at the diamond mine. It is the largest gem quality diamond recovered at Gahcho Kué to date. “The presence of large gem quality diamonds at Gahcho Kué was established during the bulk sampling when a 25.13 carat octahedron was recovered”, noted Patrick Evsans, Mountain Province President and CEO.
After a difficult 2015, the Antwerp diamond industry recorded a 5% increase in trade in 2016, according to a press release from the Antwerp World Diamond Centre (AWDC). This past year, a total of 48 billion USD worth of diamonds were imported to and exported from Antwerp. "The rough diamond market in particular is clearly making a strong recovery. This is positive sign, given that the rough diamond trade is the foundation and heart of the diamond trade.
Mountain Province Diamonds Inc. announced their production results from the Gahcho Kué Diamond Mine for the fourth quarter which ended on December 31, 2016, the mine is a joint venture with De Beers (51%), located in Canada's Northwest Territories. In addition, they announced the completion of their first diamond sale held between January 16 and 25 in Antwerp, Belgium.
Mountain Province Diamonds, a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories - said to be the largest and richest of all new diamond mines with anticipated annual production of 4.5 million carats - has announced that Borsheims Fine Jewelry president and CEO Karen Goracke has joined their board. Ms. Goracke is President and CEO of Borsheims Fine Jewelry, a Berkshire Hathaway company. She began her career at Borsheims in 1988 as a Sales Associate, but soon was promoted.
Mountain Province Diamonds has issued a "Production Report" for Q3 ended 30 September 2016, stating, "Ramp-up production at Gahcho Kué commenced on August 1, 2016 ...
With the diamond industry - Canada's in particular - and news media awash with the big story of the official opening of De Beers'/Mountain Province's giant new diamond mine in the NWT, Gahcho Kué (the world’s largest new diamond mine in the last 13 years which is expected to produce approximately 54 million carats of rough diamonds over its lifetime),
"Just over two decades in the making, Canada's newest diamond mine is set to officially open Tuesday (September 20) in the N.W.T. at a ceremony involving Indigenous leaders, mining and territorial officials," writes Kate Kyle for CBC News. The mine came online and starting producing diamonds last month, with its first commercial production set for the first quarter of 2017, and is estimated to be one of the 10 biggest diamond mines in the world, project to deliver 4.5 million carats annually over a 12-year life span.
With the grand opening of the Gahcho Kue mine, the largest new mine to come on line in recent years, set for Tuesday, a union representing culinary and janitorial workers say they are considering a strike which the union leader says could shut down the camp. The threat of industrial action follows stalled negotiations with the contractor employing them, according to a report by CBC Canada. The mine is co-owned by De Beers Canada (51%) and Mountain Province Diamonds (49%) and began mining its first diamonds last month.
According to a De Beers' press release, Gahcho Kué, the world’s largest new diamond mine under construction, "Will provide a $5.2 billion (C$6.7 billion) boost to the Canadian economy" according to the 'De Beers in Canada Socio-Economic Impact Report'. The report details the important economic contribution De Beers activities have made over the last half century and continue to make today. "The new mine, located in the Northwest Territories (NWT), is a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%).
Mountain Province Diamonds Inc. reports that construction of the Gahcho Kué diamond mine was completed during the quarter, the first ore was introduced to the diamond plant on June 20, with the first commissioning diamonds recovered on June 30 and the ramp up to commercial production is underway with the mine is on track to achieve commercial production in January 2017. During the quarter ended June 30, the company entered into agreements with third parties for the valuation, sorting and marketing of its share of the diamond production from the mine.
De Beers officially opened its new Canadian headquarters in Calgary on Wednesday after relocating from Toronto as it prepares to open what it calls the biggest diamond mine under construction in the world, writes the Winnepeg Free Press. Kim Truter, the CEO of De Beers Canada, said the company weighed where it was best to locate its office with two mines north of Yellowknife, one in Ontario and exploration activities across the country. "We looked at a lot of options because we had to look at our centre of gravity in relation to where our operations were," said Truter.
In an interview with Rapaport, Canadian diamond miner Mountain Province’s CEO Patrick Evans states that the company believes production at Gahcho Kué, is expected to start up in July and reach full capacity in eight months. The company hopes to plan a first sale in Antwerp, as early as September, via open tender handled by Antwerp tendering partner Bonas.
Mountain Province Diamonds Inc. reports that based on progress to date, its Gahcho Kué mine should start production during the third quarter of this year. Mechanical completion of the primary crusher and commissioning of the process plant continues to progress well, and the exact time for the start of production will depend on progress with the remaining commissioning, the company said in a statement.
Mountain Province Diamonds Inc. reports that the Gahcho Kué diamond mine is progressing according to plan with the overall project more than 87% complete and on track for first production during the second half of this year. Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. Gahcho Kué is a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 million tonnes grading 1.57 carats per tonne for total diamond content of 55.5 million carats.
Mountain Province Diamonds issued an announcement confirming that development of the Gahcho Kué diamond mine, which is a joint project with De Beers Canada located in Canada's Northwest Territories, is progressing according to plan and on budget, with the overall project more than 80% complete and on track for first production during the second half of 2016. Mountain Province President and CEO Patrick Evans says, "We continue to make excellent progress at Gahcho Kué.