Weak Rough Prices Dent Mountain Province Sales 

Revenue at Mountain Province fell in 2024 as a slowdown in demand resulted in weak rough prices. 

Sales of rough from the Gahcho Kué mine in Canada fell 20% to $195.2 million last year amid a “challenging diamond-price environment,” Mountain Province CEO Mark Wall said last week. “The challenge for the company in 2024 was the diamond market, which was in a down cycle.” 

Sales volume was flat at 2.7 million carats, while the average price dropped 20% to $72 per carat, the miner reported. 

Production for the full year fell 16% to 4.7 million carats. The figure was at the upper end of Mountain Province’s guidance of 4.2 million to 4.7 million carats. Increased ore processing offset a lower-than-expected ore grade throughout March, April and May, it noted. Total output from the mine was 5.6 million carats, including the 51% share belonging to joint-venture partner De Beers.  

In the fourth quarter, output came to 890,202 carats, 43% lower than a year earlier. Sales for the October-to-December period fell 39% to $36.7 million. A 6% rise in the average price to $68 was not enough to compensate for a 41% decline in sales volume to 543,000 carats. 

“At year end, industry confidence and market sentiment remained low, and these challenges are expected to continue until full results from the important holiday retail season are known,” Wall added. “In the medium to long term, price outlook remains positive.” 

Image: The Hearne pit at the Gahcho Kué mine. (Mountain Province)