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.