Mountain Province Diamonds Inc. announces financial results for the first quarter ended March 31, 2023 from the Gahcho Kué Diamond Mine.
1,319,603 carats recovered, 11% higher than the 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)
During the first quarter 961,000 carats sold, with total proceeds of $128.7 million (US$95.0 million) at an average realised value of $134 per carat (US$99), a record quarterly revenue result for the Company. These results compare favourably with two open market sales during Q1 2022 when 506,567 carats were sold for total proceeds of $84.7 million (US$66.7 million).
Reid Mackie, the Company's Vice President Sales and Marketing, commented: "In Q1 2023 the Company achieved record sales on the back of a three-sale first quarter, which included three full production shipments and buoyant prices for smaller diamonds. Compared with Q1 2022, the lower average sales price achieved can be primarily attributed to the different mix of goods sold in both quarters with market prices also adjusting downwards from the record high seen early last year."
Alex Shishlo for Rough&Polished
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