Mountain Province Diamonds announces production and sales results for the fourth quarter ended December 31, 2023 (Q4 2023), and full-year 2023 from the Gahcho Kué Diamond Mine (GK Mine).
By considering the report for FY 2023, approximately 2.7 million carats were sold at an average value of $121 per carat (US$90 per carat) for total proceeds of $328.6 million (US243.7 million). This compares to 2.7 million carats sold at an average value of $146 per carat (US$112 per carat) for total proceeds of $388.8 million (US$297.3 million) in FY 2022.
Ore mined on a FY 2023 basis was 3.8 million tonnes against the revised guidance of 3.1 – 3.6 million tonnes. Ore processed on a FY 2023 basis was 3.25 million tonnes against guidance of 3.2 – 3.5 million tonnes. FY 2023 production of 5.6 million carats against guidance of 5.6 – 6.1 million carats.
Mark Wall, the Company’s President and Chief Executive Officer, commented, “Q4 2023 was the highest carat producing quarter of 2023. The mid-year major shutdown of the processing facility contributed to this result by delivering an average H2 operating plant utilization rate of 84%, which was well above the average H1 2023 performance of 73%.
We expect to carry this momentum into 2024 notwithstanding some expected seasonal reduction in performance numbers in the early months, due to cold weather. Mining in Q4 2023 was also the best quarter of 2023 with approximately 9.8 million tonnes mined which was, in part, driven by improved haul truck availability, as a result of maintenance improvement initiatives.
On the sales front, a finer assortment of goods held back from previous quarters were sold during Q4 2023. The addition of these goods in Quarter sales resulted in a lower average value per carat sold in Q4 2023, relative to prior 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 we completed our final sale of 2023.
Regarding the rough diamond market, the market is now reopened and we continue to monitor it closely to maximise value from our sales pipeline.”
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