Mountain Province/De Beers recover 6.51 million carats in 2020

Diamonds recovered from the Gahcho Kue Mine in the Northwest Territories. Source: Mountain Province Diamonds Inc.

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Mountain Province Diamonds Inc. [MPVD; MPVDF-OTC] reported production and sales results for the fourth quarter ended December 31, 2020, from the Gahcho Kue diamond mine located 280 km northeast of Yellowknife, Northwest Territories. The mine is 51%-owned by De Beers Canada Inc., the operator, and 49% by Mountain Province.

Q4 and fiscal 2020 highlights (all figures reported on a 100% basis unless otherwise stated):

A total of 9,796,823 total tonnes were mined during the quarter, a 12% decrease on comparable period (Q4 2019: 11,089,408); 35,870,474 total tonnes were mined during FY 2020, a 17% decrease from comparable period (FY 2019: 43,224,827).

A total of 840,261 ore tonnes were mined during the quarter, a 6% decrease on comparable period (Q4 2019: 890,886); 3,286,843 ore tonnes were mined during FY 2020, a 1% increase from comparable period (FY 2019: 3,247,324).

A total of 736,138 ore tonnes were treated during the quarter, a 21% decrease on comparable period (Q4 2019: 936,903); 3,245,941 ore tonnes were treated during FY 2020, a 9% decrease from comparable period (FY 2019: 3,580,551).

A total of 1,521,617 carats were recovered during the quarter at an average grade of 2.07 carats per tonne, 23% lower than comparable quarter (Q4 2019: 1,977,438 carats at 2.11); 6,518,261 carats were recovered during FY 2020 at an average grade of 2.01 carats per tonne, 4% slightly lower than comparable period (FY 2019: 6,820,631 carats at 1.90).

As previously reported, Q4 2020 diamond sales totalled 957,120 carats sold at an average value of $84/carat (US$65/carat) for total proceeds of $80.2-million (US$61.7-million) in comparison with 771,799 carats sold at an average value of $84/carat (US$64/carat) for total proceeds of $65.0-million (US$49.2-million in Q4 2019.

During FY 2020, 3,329,289 carats were sold at an average value of $68/ (US$51/carat) for total proceeds of $227.0-million (US$171.3-million) in comparison with 3,284,520 carats sold at an average value of $84/carat (US$63/carat) for total proceeds of $276.3-million (US$208.2-million) in FY 2019.

Sentiment in the rough diamond market was more positive toward the end of 2020 and has remained so as the market prepares for the first selling cycle of 2021.  The company’s medium- to long-term outlook for rough diamonds remains positive.


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