Mountain Province Scores Record Revenue

Mountain Province achieved its highest quarterly revenue in the company’s history as demand for rough remained resilient.

Revenue jumped 17% year on year to $83.3 million in the third quarter ending September 30, the miner reported last week. Sales volume from the company’s Gahcho Kué mine in Canada rose 37% from the previous quarter to 805,227 carats, outweighing a 10% drop in the average price to $103 per carat.

However, when adjusted based on the mix of goods sold and on a like-for-like basis, the average price increased 2%, the miner noted.

“Though rough-diamond market prices have stabilized compared to the strong gains achieved in the first half of 2022, the company’s sales continue to show resiliency,” Mountain Province explained.

Production from the deposit slipped 7% year on year to 1.5 million carats but rose 15% from the previous three months and 22% from the first quarter as the company implemented improvements at the site. Mountain Province’s portion of production came to 711,213 carats from its 49% share of the asset. De Beers holds the remaining 51%.

“After a disappointing production performance in the first quarter, and into the second quarter, an action plan was developed to drive operational and safety improvements at the mine,” noted Mountain Province CEO Mark Wall. “The action plan in place is incrementally delivering the required improvements. This improving performance, coupled with our very strong performance during the quarter, places the company in a strong position as we enter the final quarter of the year.”

image: The Gahcho Kué mine. (Mountain Province)