https://www.miningweekly.com

Mountain Province sales fall on lower prices

24th January 2024

By: Creamer Media Reporter

     

Font size: - +

Diamond miner Mountain Province on Tuesday reported a 15% year-on-year drop in full-year sales revenue.  

The Canadian miner sold 2.72-million carats at an average value of C$121/ct for total proceeds of C$328.6-million in 2023. This compares with sales of 2.66-million at an average value of C$146/ct for proceeds of C$388.8-million in 2022.

Fourth-quarter sales totalled 917 757 ct at an average value of C$87/ct for total proceeds of C$79.8-million, compared with 757 830 ct sold at an average of C$127/ct for C$96.3-million in the comparative period.

The lower average value per carat sold in the fourth quarter of 2023 was the result of the mix of goods sold, reflecting the sale of a finer set of goods held back from previous quarters.

Sales in the quarter were also impacted by the two-month moratorium on imports by the Indian diamond industry. This moratorium finished in mid-December 2023, during which Mountain Province completed its final sale of 2023.

“The rough diamond market, the market is now reopened and we continue to monitor it closely to maximise value from our sales pipeline,” said president and CEO Mark Wall.

The miner produced 5.6-million carats in 2023, against a guidance of 5.6-million to 6.1-million carats.

Mountain Province is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories.

 

Edited by Creamer Media Reporter

Comments

Latest News

Showroom

The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.297 0.33s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: