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Mountain Province Diamonds Inc. (TSX: MPVD, OTC: MPVD) is a Canadian-based diamond exploration, mining, and marketing company headquartered in Toronto, Canada. Founded on December 2, 1986, by Paul Shatzko, the company focuses primarily on the operation of the Gahcho Kué Diamond Mine and the Kennady North assets, which are situated in Canada's Northwest Territories.
The company is a 49% partner with De Beers Canada in the Gahcho Kué Diamond Mine. The Gahcho Kué Joint Venture property includes several kimberlites that are actively mined, developed, and explored for future expansion. The Gahcho Kué Mine is known for its resilience and operational excellence, despite challenging market conditions and operational hazards, including the ongoing impact of COVID-19.
Mountain Province Diamonds also manages over 113,000 hectares of highly prospective mineral claims and leases around the Gahcho Kué Mine. Notably, the company has an indicated mineral resource for the Kelvin kimberlite and inferred resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats in 8.50 million tonnes at a grade of 1.60 carats/tonne, whereas Faraday 2 is estimated to contain 5.45 million carats in 2.07 million tonnes at a grade of 2.63 carats/tonne.
Recent operational highlights include a significant 5-day plant shutdown in mid-June 2023 for maintenance and repairs, which enhanced the plant's stability and throughput. This maintenance allowed the company to improve its performance metrics and address unplanned downtimes. In Q2 2023, Mountain Province sold 360,308 carats for CAD 59.9 million, with an average price of CAD 166 per carat. Despite a softening in the broader rough diamond market, the company has shown resilience, especially in the market for smaller goods.
Financially, Mountain Province Diamonds has demonstrated a cautious but strategic approach by withholding some lower-value goods from the market to defend prices and maximize cash generation. The company has also strategically paid down USD 18 million in senior secured second lien notes to maintain financial flexibility.
Looking forward to 2024, the company expects lower production due to mine sequencing and grade profile changes, but remains on track to achieve its 2024 production guidance. The diamond market continues to face challenges, including recent G7 sanctions on Russian-origin diamonds, which may impact demand dynamics. Mountain Province is closely monitoring market conditions to optimize its sales pipeline and remains committed to operational excellence and financial prudence.
For more information, visit the company’s website at www.mountainprovince.com.
Mountain Province Diamonds Inc. (TSX: MPVD) (OTC: MPVD) has released its Q3 2024 production and sales results for the Gahcho Kué Diamond Mine. Key highlights include:
- 1,187,912 carats recovered, 10% less than Q3 2023
- Average grade of 1.24 carats per tonne, 18% less than Q3 2023
- 923,814 ore tonnes mined, 4% more than Q3 2023
- 961,371 ore tonnes treated, 10% more than Q3 2023
Q3 2024 sales totaled 679,599 carats for $69.4 million (US$50.8 million), averaging $102 per carat. The company maintains its 2024 production guidance of 4.2 - 4.7 million carats recovered, expecting to finish in the mid to upper portion of the range. The Q3 2024 earnings release is scheduled for November 6, 2024, with a conference call on November 7, 2024.
Mountain Province Diamonds Inc. has announced an updated life of mine plan and mineral resource/reserve estimate for the Gahcho Kué Mine. Key highlights include:
- Mountain Province's 49% share of operating cash flow from remaining open pit mining is estimated at $626 million
- Ore processing is now estimated to finish in early 2031, extended from 2030
- Total diamond recovery from 2024-2031 is estimated at 36.3 million carats, up from 30.8 million previously
- Updated mineral reserves of 23.6 Mt at 1.47 carats/tonne for 34.6 million carats
- Indicated mineral resources of 24.7 Mt at 1.57 carats/tonne for 38.8 million carats
The updated plan reflects engineering work to steepen pit walls, allowing additional kimberlite to be mined. A supporting NI 43-101 technical report will be filed within 45 days.
Mountain Province Diamonds (TSX: MPVD) (OTC: MPVD) announced Q2 2024 production and sales results from the Gahcho Kué Diamond Mine. Key highlights include:
- 1,318,680 carats recovered, down 2% year-over-year
- Average grade of 1.37 carats per tonne, 24% lower than Q2 2023
- 971,311 ore tonnes mined, up 63% year-over-year
- 965,984 ore tonnes treated, up 29% year-over-year
Sales results show 557,361 carats sold for $56.8 million (US$41.5 million), averaging $102 per carat. The diamond market remains soft, with lower-than-expected demand from China. The company will release Q2 2024 financial results on August 7, 2024, followed by a conference call on August 8, 2024.
Mountain Province Diamonds Inc. announces its financial results for the first quarter of 2024, reporting 938,000 carats sold with proceeds of $89.4 million, adjusted EBITDA of $50.0 million, and net income of $6.8 million. Operational highlights include 805,557 ore tonnes treated, 1,264,887 carats recovered, and an average grade of 1.57 carats per tonne. Sales comparisons show a decrease in carats sold and average price per carat from Q1 2023. The company's President expects positive changes in the mine plan to boost future results.
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