Industria
Mountain Province Diamonds Announces Fourth Quarter and Full Year 2024 Production and Sales Results
"2024 was a year of production records and cost control, overlaid with a challenging diamond price environment.
On safety, 2024 ended with a Total Recordable Injury Frequency Rate (TRIFR) of 2.25, which is a 60% improvement from 2023 and the best safety performance in the operating history of the mine. In addition, the mine has reached 3.4 million work hours without a Lost Time Injury.
The project to stabilize and improve the processing plant was started in late 2022 and completed late in 2023. In 2024 3.63 million tonnes were processed, the best performance ever at the mine, noting that in 2021 3.08 million tonnes were treated, in 2022 3.1 million tonnes and in 2023 3.25 million tonnes.
The grade of ore that came from the mine was lower than anticipated in March, April and May of 2024, contributing to lower than anticipated grade for the year. This was offset by the higher throughput rate in the processing plant, resulting in 4.66 million carats produced against our guidance range of 4.2 to 4.7 million carats.
The decrease in total mined tonnes year-on-year from 9.8 million tonnes in 2023 to 8.99 million tonnes in 2024, was primarily due to pit bottom mining and the associated geotechnical challenges in the 5034 and Hearne open pits, both of which are now complete.
The challenge for the Company in 2024 was the diamond market, which was in a down-cycle, resulting in the Company's average annual realized price of $98 per carat versus a 2023 realized price of $121 per carat.
As per our recently updated Technical Report, 2025 carat production will be similar to 2024, which will be challenging for the Company if the current down-cycle continues, followed by a significantly higher production year in 2026 as we reach the NEX orebody."
(All figures reported on a 100% basis unless otherwise stated)
During Q4 2024, 543,000 carats were sold for total proceeds of $52.0 million ( US$36.7 million ), resulting in an average price of $96 per carat ( US$68 per carat). These results compare to Q4 2023, when 918,000 carats were sold for total proceeds of $79.8 million ( US$59.9 million ), resulting in an average price of $87 per carat ( US$64 per carat).
For the FY 2024, 2,718,000 carats were sold for total proceeds of $267.7 million , resulting in an average price of $98 per carat ( US$72 per carat). These results compare to 2023 sales of 2,718,000 carats for total proceeds of $328.6 million ( US$243.8 million ), resulting in an average price of $121 per carat (US$90 per carat).
is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories . The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved Dan Johnson , P.Eng., a director of Mountain Province Diamonds Inc. and Qualified Person as defined by National Instrument 43-101
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