Welcome to our dedicated page for Mountain Prov news (Ticker: MPVDF), a resource for investors and traders seeking the latest updates and insights on Mountain Prov stock.
Mountain Province Diamonds Inc. (MPVDF) operates one of the world's largest diamond mines through its strategic joint venture at Canada's Gahcho Kué Mine. This news hub provides investors and industry observers with essential updates about the company's mining operations, financial performance, and resource management strategies.
Access timely press releases and analysis covering quarterly earnings, mineral resource evaluations, and operational developments. Our curated collection includes updates on diamond recovery rates, environmental initiatives, and partnership milestones with De Beers Canada.
Key content categories include production reports from the Northwest Territories operations, technical updates on kimberlite extraction processes, and strategic decisions affecting the company's position in the global diamond market. All content maintains strict compliance with financial disclosure standards.
Bookmark this page for direct access to verified information about MPVDF's mining activities. Check regularly for new developments impacting the company's role in sustainable diamond production and its contributions to Canada's mining sector.
Mountain Province Diamonds has announced significant management changes with the appointments of Steven Thomas as CFO, April Hayward as Chief Sustainability Officer, and Matt MacPhail as Chief Technical Officer. Thomas brings over 25 years of experience, including a decade as CFO of De Beers Canada. Hayward, an expert in sustainability, and MacPhail, a Professional Mining Engineer, are expected to enhance the company's operational strategy. These changes aim to optimize financial performance and advance sustainability efforts at the Gahcho Kué mine and its surrounding exploration projects.
Mountain Province Diamonds reported production results for Q4 and FY 2021 from the Gahcho Kué Diamond Mine. In Q4 2021, the company recovered 1,511,253 carats at an average grade of 1.86 carats/tonne and sold 808,739 carats for total proceeds of $85.2 million. For the full year, total production was 6.23 million carats, slightly below the guidance. Preliminary mine-level costs were $61 per carat, below the expected range. The outlook for diamonds remains positive, supported by rising demand and decreasing supply.
Mountain Province Diamonds has reported a COVID-19 outbreak at its Gahcho Kué mine in the Northwest Territories, with four cases confirmed. The entire workforce is fully vaccinated, and no material impact on production is anticipated. Increased safety measures were implemented as a response to the rapid spread of the Omicron variant. All other personnel tested negative. The company emphasizes the effectiveness of its safety protocols and expresses gratitude for its partnership with De Beers and Anglo American.
Mountain Province Diamonds has staked three strategic claims in its 100%-held Kennady North Project, increasing the project area by 35%. These claims, connected to existing kimberlite indicators, enhance exploration potential. The total land package now encompasses 107,373 hectares, surrounding the Gahcho Kué Mine, in which Mountain Province holds a 49% interest with De Beers. The company plans a winter 2022 exploration program, including up to 2,000 meters of drilling in the North and South Anomalies, utilizing advanced ARRT technology for better mineral target resolution.
Mountain Province Diamonds reported third quarter 2021 results showing a revenue increase to $94.2 million from $47.3 million in Q3 2020, with 1,027,000 carats sold at an average price of $92 per carat. Earnings from mine operations rose to $35.5 million compared to a loss of $2.2 million a year earlier. However, carat recovery declined by 13% to 1,562,000 carats at a grade of 1.88 carats per tonne. For the nine months ended September 30, revenue totaled $213.2 million with net income of $35.5 million.
Mountain Province Diamonds (MPVD) announces the immediate departure of President and CEO Stuart Brown, with Jonathan Comerford appointed as Interim CEO. Brown's resignation comes after three years of service, during which he navigated challenges in the diamond sector, particularly during the COVID-19 pandemic. The company is currently seeking a permanent replacement. Mountain Province holds a 49% stake in the Gahcho Kué diamond mine in Canada and controls significant mineral claims surrounding the site.
Mountain Province Diamonds Inc. reported strong sales in Q3 2021, selling 1,028,327 carats for $93.9 million, averaging $91 per carat. Year-to-date, total sales reached 2,349,644 carats, generating $212.5 million, with a consistent average value of $90 per carat. The company's president, Stuart Brown, expressed optimism over the sustained price increases and the positive outlook for the upcoming holiday season. Notably, the sales success enabled early repayment of short-term debt, bolstering financial stability.
Mountain Province Diamonds (TSX/OTCQX: MPVD) has announced a six-month extension of its US$25M revolving credit facility with Dunebridge Worldwide Ltd., now maturing on March 31, 2022. This extension supports the company's working capital needs, with unchanged interest rates and terms. Additionally, Mountain Province has repaid its US$35M term loan, reducing its balance to zero ahead of the December 31, 2021 maturity date. The transaction was deemed reasonable by independent directors and is classified as a related party transaction due to insider ownership.
Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) has appointed Mr. Dan Johnson to its Board of Directors as of September 22, 2021. Johnson brings over 40 years of experience in the mining industry, particularly in diamonds and Northern mines. His previous roles include GM of BHP's Ekati Diamond Mine and CEO of Diamond Fields International. Jonathan Comerford, Chairman, emphasized Johnson's extensive background will be crucial for maximizing the Company's asset value. Mountain Province Diamonds holds a 49% stake in the Gahcho Kué diamond mine and controls extensive mineral claims.
Mountain Province Diamonds (TSX and OTCQX: MPVD) held its 2021 Annual General Meeting on September 14, 2021, where all nominees listed in the management proxy were elected as directors. Key voting results include Jonathan Comerford with 99.35% support and Stuart Brown at 65.90%. Notably, Tom Peregoodoff resigned immediately after being re-elected. KPMG LLP was re-appointed as the Company's auditor. The Company has a significant stake in the Gahcho Kué diamond mine and extensive mineral claims in Northwestern Canada, boasting substantial estimated resources, including 13.62 million carats at Kelvin.
