Mountain Province Weighs Virus Effects

RAPAPORT… Mountain Province has delayed its year-end results by a week due to the effects of the coronavirus, the Canadian diamond miner said Monday.

The company and its auditors have been unable to complete the relevant work in time for the March 16 release date due to travel restrictions and self-isolation, it noted.

The outbreak has not disrupted operations at its Gahcho Kué mine in the Northwest Territories, as it has taken measures to protect those traveling to and from the site and its support offices elsewhere in Canada. However, the virus presents “short- and medium-term risks” that it’s working to manage, it added.

“It is possible that the progress of COVID-19, the containment measures for COVID-19 and the economic impacts of these measures will impact on the business and operations of the company over the coming weeks, including mining, processing and sales of diamonds,” the company said.

Sales at Mountain Province fell 13% to $208.2 million in 2019, it reported in an initial trading update in January.


Image: A 95-carat diamond Mountain Province found at the Gahcho Kué mine in 2018. (Mountain Province).