Mountain Province Diamonds Inc. announced production and sales results for the first quarter ended March 31, 2020 ("the Quarter" or "Q1 2020") from the Gahcho Kué Diamond Mine ("GK Mine").
The company mined 9,356,785 total tonnes of ore and waste, a 2% decrease on comparable period (Q1 2019: 9,528,018). 1,029,579 ore tonnes mined, a 70% increase on comparable period (Q1 2019: 605,027). 902,506 ore tonnes were treated, a 4% increase on comparable period (Q1 2019: 870,949). It unearthed 1,655,121 carats recovered at an average grade of 1.83 carats per tonne, 4% higher than comparable quarter (Q1 2019: 1,584,552 carats at 1.82).
Image credit: Mountain Province
In Q1 2020, 659,318 carats were sold at an average value of $99 per carat (US$75 per carat) for total proceeds of $65.4 million (US$49.2 million) in comparison to 643,739 carats sold at an average value of $94 per carat (US$71 per carat) for total proceeds of $60.7 million (US$45.8 million) in Q1 2019.
The Company's sales, as previously stated, have been halted indefinitely. In the meantime, alternative sale strategies are being explored and will be considered if deemed viable.
Stuart Brown, the Company's President and Chief Executive Officer, commented: "Our Q1 2020 production figures were in line with expectations and slightly improved compared to the equivalent period last year. Looking ahead however, and as a result of the COVID-19 pandemic, our full year 2020 production guidance will be revised. We are currently working through various planning scenarios to fully assess the impact on production and will communicate this to the market when we have more clarity and certainty on what the future may look like."
Alex Shishlo, Editor of the Rough&Polished European Bureau
