Mountain Province Diamonds Inc. announced operating and sales results for the second quarter ended June 30, 2023 from the Gahcho Kué diamond mine.
1,339,196 carats recovered, 6% higher than the comparable quarter (Q2 2022: 1,260,899 carats).
Average grade of 1.79 carats per tonne, a 6% increase relative to Q2 2022 (1.68 carats per tonne).
During the second quarter, 360,308 carats were sold for total proceeds of $59.9 million (US$44.6 million), resulting in an average price of $166 per carat (US$124 per carat). These results compare to Q2 2022 where 586,567 carats were sold for total proceeds of $97.0 million (US$74.5 million) at an average price per carat of $165 per carat (US$129 per carat).
The reduction in volume sold in Q2 2023 relative to Q2 2022 was due to the acceleration of sales into Q1 2023, where three sales were held versus the historical norm of two. Relative to Q2 2022, average price per carat in Q2 2023 benefitted from a coarser than average mix of goods sold, offsetting a softening in the market.
Mountain Province expects a finer mix of goods sold in Q3 2023.
Despite a softening of the broader rough diamond market in Q2 2023, the market for smaller goods, making up the majority of Gahcho Kué goods, continues to show resilience and a more positive demand outlook. The Company expects that the Gahcho Kué production will continue to attract sustained market demand.
Alex Shishlo for Rough&Polished
