Mountain Province Diamonds, the Canadian mining company headquartered in Toronto, had reported Q2 losses of $21.8m as COVID-19 had brought demand down drastically. The miner was not able to hold any formal sales during Q2.
However, Mountain Province’s shareholder Dunebridge Worldwide helped by buying almost all the output. Most of the miner’s sales were to Dunebridge, the Bahamas-registered company owned by Irish billionaire Dermot Desmond.
Dunebridge is reported to have agreed to buy about $50m of rough at the market-related prices and also pay Mountain Province its share of the profits.
Stuart Brown, president and CEO said:"The agreement with Dunebridge has provided the company with a vital liquidity lifeline. We believe the market will start improving later in the third quarter of this year and strengthen with the start of the major retail season towards the end of the year and into 2021," he added.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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