Mountain Province Diamonds Announces Fourth Quarter and Full Year 2024 Production and Sales Results
Mountain Province Diamonds (TSX: MPVD) announced its Q4 and full-year 2024 production and sales results. In FY 2024, the company sold approximately 2.7 million carats at an average value of $98 per carat, generating total proceeds of $267.7 million, compared to $328.6 million in FY 2023.
Production highlights include 4.66 million carats produced against guidance of 4.2-4.7 million carats, with ore mined at 5.4 million tonnes exceeding guidance of 4.1-4.6 million tonnes. The company achieved record processing plant performance of 3.63 million tonnes.
The company faced challenges with lower diamond prices in 2024, with average realized price dropping to $98 per carat from $121 in 2023. The mine achieved its best safety performance with a 60% improvement in TRIFR. Looking ahead, 2025 production is expected to remain similar to 2024, with significant production increase anticipated in 2026 from the NEX orebody.
Mountain Province Diamonds (TSX: MPVD) ha annunciato i risultati di produzione e vendite del quarto trimestre e dell'intero anno 2024. Nell'anno fiscale 2024, l'azienda ha venduto circa 2,7 milioni di carati a un valore medio di $98 per carato, generando ricavi totali di $267,7 milioni, rispetto ai $328,6 milioni dell'anno fiscale 2023.
I punti salienti della produzione includono 4,66 milioni di carati prodotti, superando le previsioni di 4,2-4,7 milioni di carati, con minerale estratto pari a 5,4 milioni di tonnellate, che supera le aspettative di 4,1-4,6 milioni di tonnellate. L'azienda ha raggiunto un record di prestazioni per l'impianto di lavorazione con 3,63 milioni di tonnellate.
L'azienda ha affrontato sfide a causa della diminuzione dei prezzi dei diamanti nel 2024, con il prezzo medio realizzato che è sceso a $98 per carato da $121 nel 2023. La miniera ha ottenuto il miglior risultato in termini di sicurezza, con un miglioramento del 60% nel TRIFR. Guardando al futuro, si prevede che la produzione del 2025 rimanga simile a quella del 2024, con un significativo incremento della produzione previsto per il 2026 dall'orebody NEX.
Mountain Province Diamonds (TSX: MPVD) anunció sus resultados de producción y ventas del cuarto trimestre y del año completo 2024. En el año fiscal 2024, la empresa vendió aproximadamente 2,7 millones de quilates a un valor promedio de $98 por quilate, generando ingresos totales de $267,7 millones, en comparación con $328,6 millones en el año fiscal 2023.
Los aspectos destacados de la producción incluyen 4,66 millones de quilates producidos en comparación con la guía de 4,2-4,7 millones de quilates, con mineral extraído de 5,4 millones de toneladas que superó la guía de 4,1-4,6 millones de toneladas. La empresa logró un rendimiento récord en la planta de procesamiento de 3,63 millones de toneladas.
La empresa enfrentó desafíos con precios de diamantes más bajos en 2024, con el precio promedio realizado cayendo a $98 por quilate desde $121 en 2023. La mina logró su mejor rendimiento en seguridad con una mejora del 60% en TRIFR. Mirando hacia adelante, se espera que la producción de 2025 se mantenga similar a la de 2024, con un aumento significativo en la producción anticipado para 2026 desde el cuerpo mineral NEX.
마운틴 주식회사 다이아몬드 (TSX: MPVD)는 2024년 4분기 및 전체 연도 생산 및 판매 결과를 발표했습니다. 2024 회계연도에 회사는 평균 98달러의 가격으로 약 270만 캐럿을 판매하여 총 수익 2억 6,770만 달러를 발생시켰으며, 이는 2023 회계연도의 3억 2,860만 달러에 비해 감소한 수치입니다.
생산 하이라이트에는 4.2-4.7 백만 캐럿의 가이던스에 대해 466만 캐럿이 생산되었으며, 4.1-4.6 백만 톤의 가이던스를 초과하여 540만 톤의 광석이 채굴되었습니다. 회사는 363만 톤의 가공 공장 성과 기록을 달성하였습니다.
회사는 2024년 다이아몬드 가격 하락으로 어려움을 겪었으며, 평균 실현 가격은 2023년의 121달러에서 98달러로 떨어졌습니다. 광산은 TRIFR에서 60% 개선된 최고의 안전 성과를 달성했습니다. 앞으로 2025년 생산은 2024년과 유사할 것으로 예상되며, 2026년에는 NEX 광체에서 상당한 생산 증가가 예상됩니다.
Mountain Province Diamonds (TSX: MPVD) a annoncé ses résultats de production et de vente pour le quatrième trimestre et l'année 2024. Au cours de l'exercice 2024, l'entreprise a vendu environ 2,7 millions de carats à une valeur moyenne de 98 $ par carat, générant des recettes totales de 267,7 millions de dollars, comparé à 328,6 millions de dollars en 2023.
Les faits saillants de la production incluent 4,66 millions de carats produits, dépassant les prévisions de 4,2 à 4,7 millions de carats, avec 5,4 millions de tonnes de minerai extraites, dépassant les prévisions de 4,1 à 4,6 millions de tonnes. L'entreprise a atteint un record de performance de l'usine de traitement avec 3,63 millions de tonnes.
L'entreprise a rencontré des défis avec la baisse des prix des diamants en 2024, le prix moyen réalisé chutant à 98 $ par carat contre 121 $ en 2023. La mine a réalisé sa meilleure performance en matière de sécurité avec une amélioration de 60 % du TRIFR. En regardant vers l'avenir, la production de 2025 devrait rester similaire à celle de 2024, avec une augmentation significative de la production prévue pour 2026 à partir du corps minéral NEX.
Mountain Province Diamonds (TSX: MPVD) hat seine Produktions- und Verkaufszahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Im Geschäftsjahr 2024 verkaufte das Unternehmen etwa 2,7 Millionen Karat zu einem Durchschnittspreis von 98 $ pro Karat, was Gesamterlöse von 267,7 Millionen $ generierte, im Vergleich zu 328,6 Millionen $ im Geschäftsjahr 2023.
Die Produktionshöhepunkte umfassen 4,66 Millionen Karat, die über den Prognosen von 4,2-4,7 Millionen Karat lagen, wobei 5,4 Millionen Tonnen Erz abgebaut wurden, was die Prognose von 4,1-4,6 Millionen Tonnen überstieg. Das Unternehmen erreichte einen Rekord bei der Leistung der Aufbereitungsanlage mit 3,63 Millionen Tonnen.
Das Unternehmen sah sich 2024 Herausforderungen mit niedrigeren Diamantpreisen gegenüber; der durchschnittlich realisierte Preis fiel von 121 $ im Jahr 2023 auf 98 $ pro Karat. Die Mine erzielte die beste Sicherheitsleistung mit einer Verbesserung von 60 % im TRIFR. Ausblick für 2025 wird die Produktion voraussichtlich ähnlich wie 2024 bleiben, mit einem signifikanten Produktionsanstieg, der 2026 aus dem NEX-Material erwartet wird.
- Record processing plant performance with 3.63 million tonnes processed
- 60% improvement in safety performance (TRIFR)
- Production met guidance with 4.66 million carats
- Ore mined exceeded guidance at 5.4 million tonnes
- Average diamond price decreased 19% to $98/carat from $121/carat in 2023
- Total sales revenue declined 18.5% to $267.7M from $328.6M in 2023
- Carats recovered decreased 16% to 4.66M from 5.56M in 2023
- Grade declined 25% to 1.28 carats per tonne from 1.71 in 2023
Insights
The FY2024 results from Mountain Province Diamonds present a complex picture of operational excellence overshadowed by market challenges. The company achieved record processing volumes of 3.63M tonnes, representing a
However, the financial metrics reveal concerning trends. The
The operational highlights include:
- A
41% increase in ore tonnes mined to 5.38M tonnes 60% improvement in safety performance (TRIFR of 2.25)- Achievement of 3.4M work hours without Lost Time Injury
Looking ahead, 2025 presents continued challenges with similar production levels expected during an ongoing market downcycle. However, the planned access to the NEX orebody in 2026 could provide a important turning point. The diamond market outlook remains pressured by Chinese demand weakness and lab-grown competition, though the potential reduction in global rough diamond supply could help stabilize prices in the medium term.
TSX and OTC: MPVD
FY 2024 Highlights
- In 2024, approximately 2.7 million carats were sold at an average value of
$98 per carat (US per carat) for total proceeds of$72 $267.7 million (US195.2 million). This compares to 2.7 million carats sold at an average value of$121 per carat (US$90 per carat) for total proceeds of$328.6 million (US ) in FY 2023.$243.8 million - FY 2024 production of 4.66 million carats against guidance of 4.2 – 4.7 million carats.
- Ore mined on a FY 2024 basis was 5.4 million tonnes against the guidance of 4.1 – 4.6 million tonnes.
- Ore processed on a FY 2024 basis was 3.63 million tonnes against guidance of 3.4 – 3.6 million tonnes.
Mark Wall, the Company's President and Chief Executive Officer, commented:
"2024 was a year of production records and cost control, overlaid with a challenging diamond price environment.
On safety, 2024 ended with a Total Recordable Injury Frequency Rate (TRIFR) of 2.25, which is a
The project to stabilize and improve the processing plant was started in late 2022 and completed late in 2023. In 2024 3.63 million tonnes were processed, the best performance ever at the mine, noting that in 2021 3.08 million tonnes were treated, in 2022 3.1 million tonnes and in 2023 3.25 million tonnes.
The grade of ore that came from the mine was lower than anticipated in March, April and May of 2024, contributing to lower than anticipated grade for the year. This was offset by the higher throughput rate in the processing plant, resulting in 4.66 million carats produced against our guidance range of 4.2 to 4.7 million carats.
The decrease in total mined tonnes year-on-year from 9.8 million tonnes in 2023 to 8.99 million tonnes in 2024, was primarily due to pit bottom mining and the associated geotechnical challenges in the 5034 and Hearne open pits, both of which are now complete.
The challenge for the Company in 2024 was the diamond market, which was in a down-cycle, resulting in the Company's average annual realized price of
As per our recently updated Technical Report, 2025 carat production will be similar to 2024, which will be challenging for the Company if the current down-cycle continues, followed by a significantly higher production year in 2026 as we reach the NEX orebody."
Q4 and FY 2024 Production Highlights (All figures reported on a
- 8,989,000 total tonnes mined during the Quarter, a
9% decrease from the comparable period in 2023 (Q4 2023: 9,831,021). 33,388,905 total tonnes mined during FY 2024, a10% decrease from the comparable period in 2023 (FY 2023: 37,147,350). - 1,537,423 ore tonnes mined during the Quarter, a
19% decrease from the comparable period in 2023 (Q4 2023: 1,895,492). 5,379,404 ore tonnes mined during FY 2023, a41% increase from the comparable period in 2023 (FY 2023: 3,807,102). - 895,587 ore tonnes treated during the Quarter, a
5% increase from the comparable period in 2023 (Q4 2023: 855,319). 3,628,501 ore tonnes treated during FY 2024, a12% increase from the comparable period in 2023 (FY 2022: 3,249,963). - 890,202 carats recovered during the Quarter at an average grade of 0.99 carats per tonne,
43% lower than comparable quarter in 2023 (Q4 2023: 1,572,696 carats at 1.84). 4,661,681 carats recovered during FY 2024 at an average grade of 1.28 carats per tonne,16% lower than the comparable period in 2023 (FY 2023: 5,557,655 carats at 1.71).
Q4 2024 Production Figures | |||
2024 Q4 | 2023 Q4 | YoY Variance | |
Total tonnes mined (ore and waste) | 8,989,000 | 9,831,021 | -9 % |
Ore tonnes mined | 1,537,423 | 1,895,492 | -19 % |
Ore tonnes treated | 895,587 | 855,319 | 5 % |
Carats recovered | 890,202 | 1,572,696 | -43 % |
Carats recovered ( | 436,199 | 770,621 | -43 % |
Recovered grade (carats per tonne) | 0.99 | 1.84 | -46 % |
FY 2024 Production Figures | |||
FY 2024 | FY 2023 | YoY Variance | |
Total tonnes mined (ore and waste) | 33,388,905 | 37,147,351 | -10 % |
Ore tonnes mined | 5,379,404 | 3,807,102 | 41 % |
Ore tonnes treated | 3,628,501 | 3,249,963 | 12 % |
Carats recovered | 4,661,681 | 5,557,655 | -16 % |
Carats recovered ( | 2,284,224 | 2,723,251 | -16 % |
Recovered grade (carats per tonne) | 1.28 | 1.71 | -25 % |
Q4 2024 and FY 2024 Sales Results
During Q4 2024, 543,000 carats were sold for total proceeds of
For the FY 2024, 2,718,000 carats were sold for total proceeds of
Reid Mackie, the Company's Vice President of Sales and Marketing, commented:
"2024 was a challenging year for the diamond industry, with all sectors impacted by the continued weakness of Chinese domestic retail demand and the uncertainty surrounding higher volumes of cheaper, lab grown diamonds. Polished and rough diamond prices remained under pressure, and many rough producers held back supply in anticipation of a recovery. At year end, industry confidence and market sentiment remained low, and these challenges are expected to continue until full results from the important holiday retail season are known. For the first half of 2025, producers who curtailed supply are expected to integrate their stock back into the diamond pipeline commensurate with demand. In the medium to long term, price outlook remains positive. Rough diamond supply levels are expected to align with reduced production levels from the mines while demand for branded, natural diamond jewellery with positive origin stories continue to grow."
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved Dan Johnson, P.Eng., a director of Mountain Province Diamonds Inc. and Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
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SOURCE Mountain Province Diamonds Inc.
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