Mountain Province reports Q3 net income of C$27.7m
VANCOUVER (miningweekly.com) – Mountain Province Diamonds has reported a third-quarter net profit of C$27.7-million, or C$0.17 a share, representing a profit during the first full operating quarter of its 49%-owned Gahcho Kué mine, in Canada’s Northwest Territories, since declaring commercial production on March 1.
Revenue recognised in the three months ended September 30 totalled C$65.22-million, derived from the sale of 764 000 ct of attributable output. The average sales price per carat fell to $69/ct, compared with the $75/ct average achieved in the period under review.
Revenue per carat from the eighth and final diamond tender of the year was only marginally better at $60/ct, compared with the previous sales price of $59/ct – the lowest price per carat recorded since sales started.
Mountain Province said it expects to meet or exceed its revised full-year guidance of 2.72-million tonnes processed and 5.5-million carats produced on a 100% basis. Given the continued strong plant performance and favourable grade experienced at Gahcho Kué, the company expects to receive 2.7-million carats, being its 49% share of production.
Mountain Province also expects to sell at least 2.4-million carats of diamonds this year, with the potential to exceed the top end of its full-year guidance.
The company reported favourable production trends at Gahcho Kué and noted that the conveyor issues experienced earlier have been overcome, pushing recovered carats per tonne higher than planned in certain portions of the 5034 pit. The increased performance is expected to carry throughout 2017.
The company’s TSX-listed equity fell as much as 2.75% on Monday, only to recover during the afternoon session, closing up 0.28% at C$3.64 apiece.
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