Mountain Province Diamonds Inc. announced production and sales results for the fourth quarter ended December 31, 2022 from the Gahcho Kué Diamond Mine.
1,621,800 carats recovered during Q4 at an average grade of 1.96 carats per tonne. Full year 2022 production of 5.52 million carats against guidance of 5.60 - 5.80 million carats.
In 2022, approximately 2.7 million carats were sold at an average value of $146 per carat (US$112 per carat) for total proceeds of $388.8 million (US$297.3 million).
This compared to 3.2 million carats sold at an average value of $94 per carat (US$75 per carat) for total proceeds of $298.4 million (US$236.9 million) in FY 2021.
Mark Wall, the Company's President and Chief Executive Officer, commented: "After a very challenging start to the year, primarily due to a spike in Covid cases at the GK Mine, a detailed recovery plan was developed and executed resulting in quarter over quarter improvement through 2022. We closed out 2022 with the refinance of our bonds, including reducing our total debt by approximately US$60 million compared to this time last year. We now enter the 2023 cold weather and ice road resupply season with good momentum and a backdrop of a resilient rough diamond market."
Alex Shishlo for Rough&Polished
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