Image credit: Mountain Province
In Q3 2020, Mountain Province mined a total of 9,881,000 total tonnes mined, a 16% decrease from 11,742,000 total tonnes mined in Q3 2019. 821,000 tonnes treated, an 8% decrease from the 891,000 tonnes treated in Q3 2019.
1,795,000 carats recovered at an average grade of 2.19 carats per tonne, a 17% increase compared to the 1,528,000 carats recovered at 1.71 carats per tonne of Q3 2019.
Revenue from 956,000 carats sold at $47.3 million (US$35.3 million) at an average realised value of $50 per carat (US$37) compared to $54.8 million from 791,000 carats sold in Q3 2019 (US$41.6 million) at an average realized value of $69 per carat (US$53).
Stuart Brown, the сompany's president and chief executive officer, commented: "After a sustained period of negative news with respect to the diamond industry and dealing with the impact of the COVID-19 pandemic, we are pleased to see that the market for rough diamonds is starting to show some positive momentum. In the third quarter we have seen prices recovering close to pre-COVID levels from the lows seen during the peak of the pandemic."
"Although demand for rough diamonds is not yet back to pre-COVID-19 levels, the low amount of supply coming into the market has helped raise industry confidence levels which has been a driving factor impacting demand and rough prices during the quarter."
Alex Shishlo for Rough&Polished
