Mountain Province CEO Resigns, Loss Widens

Mark Wall has resigned as president and CEO of Mountain Province, the company announced Wednesday.

Wall, who joined the miner in 2021, will remain in the role until December 19 to ensure a smooth transition and then will “pursue other opportunities,” the company said. The board of directors and nomination committee will begin the process of finding a successor and will provide an update in due course, it added.

“On behalf of the board, I would like to thank Mark for his substantial contribution to the company and the operations of the [Gahcho Kué] mine over the past four years, during what has been a very challenging period for both the company and the diamond industry as a whole,” said Mountain Province chairman Jonathan Comerford. “We wish him every success in his future endeavors.”

Currency effect

The news came a day after Mountain Province reported a widening of its net loss in the third quarter, reflecting a decline in rough-diamond demand and the depreciation of the Canadian dollar.

The deficit expanded to CAD 55.6 million ($39.7 million) for the three months that ended September 30 — almost triple its net loss of CAD 19 million ($13.6 million) a year earlier.

Sales plummeted 58% year on year to CAD 29.2 million ($21.2 million) for the quarter. Sales volume fell 40% to 409,081 carats, with the average price down to $52 per carat from $72 a year earlier.

In addition to the revenue decline, the loss resulted from the translation of the company’s US-dollar long-term debt into the Canadian dollar, which weakened against its American counterpart during the quarter.

“On the diamond market, the US retail market remains robust, while the tariffs continue to have a negative effect on price,” said Wall in the Canada-based miner’s Tuesday statement.

The net loss for the first nine months of the year deepened almost sevenfold to CAD 128 million ($91.3 million) from CAD 18.6 million ($13.3 million) the previous year.

However, the mine is “now well-positioned for strong performance in [the fourth quarter of] 2025 and 2026” following a five-day plant-maintenance shutdown in the third quarter, the company pointed out.

Mountain Province owns 49% of the Gahcho Kué mine in Canada, with De Beers controlling the rest.

Image: Mark Wall. (Mountain Province)