Mountain Province Diamonds Inc announces its financial and operating results for the third quarter (Q3 2023) and nine months ended September 30, 2023. Accordingly, Q3 2023 Key takeaways are,
1: 478,653 carats were sold for total proceeds of $60.3 million (US$45.3 million) at an average price of $126 per carat (US$95).
2: Earnings from mine operations of $2.7 million, while; Net loss of $13.4 million or $0.06 basic and diluted loss per share is included in the determination of the net loss at September 30, 2023 is a non-cash adjustment to net realizable value from carrying cost, of $9.7 million in respect of total rough diamond inventories held by the Company.
Given the challenging state of the current rough diamond market, the Company agreed with its joint venture partner, De Beers-the Joint Venture Partner, to pause all discretionary spending and cut costs where appropriate to focus on maximizing cash generation.
Growth related expenditure at the Gahcho Kué mine will be suspended, with the option to resume when the Company and its JV Partner deem appropriate. This includes pausing spending and further work on the Gahcho Kué underground expansion.
As a part of this spending reduction Dr. Tom McCandless, Vice President of Exploration will transition from a full time role to continuing to provide support on an as needs basis via a consulting arrangement.
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