Mountain Province sells $80.2 million in diamonds in Q4

The Mountain Province Diamonds, 49%, and De Beers Canada, 51%, Gahcho Kué diamond mine located 280 km northeast of Yellowknife, Northwest Territories.

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Mountain Province Diamonds Inc. [MPVD-TSX, NASADQ] reported results of the fourth-quarter diamond sales. Mountain Province is a 49% participant with De Beers group in the Gahcho Kue diamond mine located in Canada’s Northwest Territories. The Gahcho Kue joint venture property consists of several kimberlites that are actively being mined, developed and explored for future development.

During the quarter, 956,348 carats were sold for total proceeds of $80.2-million (US$61.7-million, resulting in an average value of $83.82 per carat (US$64.53 per carat). The company was very encouraged that it saw continued price recovery during the quarter with most sales categories finishing above pre-COVID-19 values. The company has now concluded its rough diamond sales for 2020.

The company is also pleased to report the recovery and successful bid for the largest gem-quality diamond recovered to date from the Gahcho Kue mine. The diamond is a 157.40-carat gem of exceptional quality and will be offered for sale during the first quarter of 2021.

Stuart Brown, President and CEO, commented: “The diamond industry has faced immense challenges during 2020 so to end the year with such a strong sales performance is very encouraging. Rough diamond prices, in the larger and better qualities, have been exceptional and pleasingly we saw further improvement in the smaller and lower-quality diamonds which we believe will continue to strengthen in 2021. We look forward to building on this positive momentum in the New Year and put what has been a difficult 2020 behind us as the world starts the road to recovery from the COVID-19 pandemic.

“The recovery of the largest-ever diamond and the successful bid was certainly a boost to the morale of the company. It shows that the mine, although a high-volume producer of predominantly smaller diamonds, does produce diamonds of exceptional size and quality.”

Mountain Province also controls 106,202 hectares of prospective mineral claims and leases immediately adjacent to the Gahcho Kue joint venture property that include an indicated mineral resource at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.


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