Mountain Province Diamonds announces financial results for the second quarter (2Q) ended June 30, 2024 from the Gahcho Kué Diamond Mine. According to the Q2 2024 Key Takeaways, 557,361 carats were sold for total proceeds of $56.8 million (US$41.5 million) at an average price of $102 per carat (US$74). Earnings from mine operations of $12.0 million. Net loss of $6.5 million booked in the 2Q 2024.
Mark Wall, the Company’s President, and Chief Executive Officer, commented, “The first half (H1) of 2024 has produced adjusted EBITDA of $74.0 million, which was supported by the Q2 adjusted EBITDA of $24.0 million. These results came in the context of a softer diamond market and the grade challenges in Q2, as previously reported.
The processing facility at Gahcho Kue continued to operate well. For H1 2024 the main metric of the processing plant ‘OPU’ (utilisation), was 81.5%, versus 72.6% for H1 of 2023. These results continue to come from the work undertaken through 2023 and into 2024 to improve the performance of the processing plant.
On costs, we have finished H1 2024 with $105 per tonne treated, against our 2024 guidance of $124-$136 on a full year basis, and $72 per carat recovered, against our full year guidance of $96-$107 per carat. At all levels of the business, we will continue to focus on operational efficiency and cost control as we move into the second half of the year.”
Over all Financial Highlights for Q2 2024 said, revenue from 557,361 carats sold at $56.8 million (US$41.5 million) at an average realised value of $102 per carat (US$74) compared to $59.9 million from 360,308 carats sold in Q2 2023 (US$44.6 million) at an average realized value of $166 per carat (US$124).
Glance over the operational highlights for Q2 2024 suggest, 1: 965,984 ore tonnes treated, 29% higher than Q2 2023 (750,241 tonnes treated), 2: 1,318,680 carats recovered, 2% lower than Q2 2023 (1,339,196 carats recovered), 3: Average grade of 1.37 carats per tonne treated, 24% lower than Q2 2023 (1.79 carats per tonne)
971,311 ore tonnes mined, 63% higher than Q2 2023 (595,990 ore tonnes mined).
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