Mountain Province Diamonds Inc. announced production and sales results for the first quarter ended March 31, 2023 from the Gahcho Kué Diamond Mine.
1,319,603 carats recovered, 11% higher than last year's comparable quarter (Q1 2022: 1,185,156 carats). Average grade of 1.72 carats per tonne, a 3% increase relative to Q1 2022 (1.67 carats per tonne).
Q1 2023 Production was impacted by lower than planned process plant and loading unit availability. An annual planned major-maintenance shut-down will occur in May that is expected to address many of the areas in the plant seeing recurring unplanned downtime.
During the quarter 961,024 carats were sold for total proceeds of $128.7 million (US$95.0 million). This is the highest Q1 revenue recorded by the Company to date with three open market sales completed in the quarter. These results compare favourably with Q1 2022 when 506,567 carats were sold for total proceeds of $84.7 million (US$66.7 million).
Mark Wall, the Company's President and Chief Executive Officer, commented: "While I remain optimistic about the growth and life extension opportunities at the GK mine, the day-to-day operational results from our operator need to improve. We continue to expect to deliver production and costs within guidance for 2023. On the sales side we saw an excellent result in a resilient market amid strong demand from major jewelry brands and the continued recovery in the Chinese market."
Alex Shishlo for Rough&Polished
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