Mountain Province Diamonds announces production and sales results for the third quarter (3Q) ended September 30, 2024 from the Gahcho Kué Diamond Mine (GK Mine). Mountain Province stated Q3 2024 Production Takeaways,
1: 1,187,912 carats recovered, 10% less than Quarter 3 2023 (Q3 2023: 1,326,160 carats).
2: Average grade of 1.24 carats per tonne, 18% less than Q3 2023 (Q3 2023: 1.51 carats per tonne),
3: 923,814 ore tonnes mined, 4% more than Q3 2023 (Q3 2023: 887,695 ore tonnes mined) & 4: 961,371 ore tonnes treated, 10% more than Q3 2023 (Q3 2023: 877,617 tonnes treated).
In the front of Q3 2024 Sales Results, Mountain Province said, during the Quarter, 679,599 carats were sold for total proceeds of $69.4 million (US$50.8 million), resulting in an average price of $102 per carat (US$75 per carat). These results compare to Q3 2023 when 478,653 carats were sold for total proceeds of $60.2 million (US$45.3 million), resulting in an average price of $126 per carat (US$95 per carat).
Mark Wall, the Company’s President and Chief Executive Officer, commented, “Q3 was again a positive quarter for the metric of tonnes treated with another robust performance in the processing plant, with grade also performing slightly better than plan. Q3 and Q4 were planned to have a lower grade than the first half of the year due to a higher percentage of lower grade Tuzo ore in the process mix.
On the mining side the Hearne pit bottom mining is well progressed, and the open pit mining of Hearne will finish during Q4 of this year. The mining of the lower portions of the 5034 pit is also progressing, with some geotechnical challenges and higher than expected rainfall events slowing down mining, in some areas. The work to strip down to the NEX orebody has started with this pit expected to be a significant contributor to production in the second half of 2025. Work to sequence the plan between the finish of the 5034 pit and waste stripping to the NEX orebody remains in progress.
2024 Production guidance of 4.2 – 4.7 million carats recovered is maintained, with production currently expected to finish in the mid to upper portion of the guidance range. Total tonnes mined is expected to finish lower than the bottom of guidance of 36 million tonnes, with ore tonnes mined expected to finish above the top of guidance of 4.6 million ore tonnes and ore tonnes treated close to the upper end of guidance.”
Reid Mackie, Vice President of Diamond Sales and Marketing, commented, “The rough diamond market during Q3 was unsettled by continued price decreases announced by leading polished diamond price indices. This was compounded by reports of delayed polished buying by downstream retailers and precipitated sales of polished stock by the industry midstream.
Many rough producers addressed this by cancelling or delaying their rough diamond sales during the third quarter. For Mountain Province, which held its usual two scheduled sales during the quarter, prices achieved were largely stable. We look forward to the upcoming holiday season demonstrating demand for diamond jewellery at retail and firming up rough diamond market sentiment.”
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