Mountain Province Diamonds Inc. announced its financial and operating results for the first quarter ended March 31, 2024 from the Gahcho Kué Diamond Mine.
The company recovered 1,264,887 carats, 4% lower than the comparable quarter (Q1 2023: 1,319,603 carats).
In Q1 2024, 938,000 were carats sold with total proceeds of CAD$89.4 million ($66.1 million) at an average realised value of CAD$95 per carat ($70).
"The grade from the mine was below expectations in March which led to slightly lower carat production when compared with Q1, 2023. We are reviewing the mine plan both for grade performance as well as potential opportunities to bring additional production into the Life of Mine plan. We have engaged an engineering firm to undertake this work and we plan to be able to provide an update to the market towards the end of Q2, 2024 on the results. We are continuing to work on production and cost optimization as well as reviewing opportunities to enhance the value of Canadian provenance in the global diamond market," commented Mark Wall, the company's president and CEO.
Alex Shishlo for Rough&Polished
