Industria
Mountain Province Diamonds Announces Third Quarter 2023 Operating and Sales Results, Details of Third Quarter 2023 Earnings Release and Conference Call
During the third quarter, 478,653 carats were sold for total proceeds of $60.3 million ( US$45.3 million ), resulting in an average price of $126 per carat ( US$95 per carat). These results compare to Q3 2022 where 805,227 carats were sold for total proceeds of $110.6 million ( US$83.3 million ), resulting in an average value of $137 per carat ( US$103 per carat).
The relative reduction in volume sold in Q3 2023 reflects the Company's decision to strategically stock a sub-set of the lower value goods available for sale in order to defend its prices in the rough market. We expect to sell the goods stocked in the Company's planned December sale.
The diamond market is experiencing very low levels of demand since returning from the August holiday period. Macro-economic concerns and delays to post-covid restocking of diamond jewellery in China have motivated diamond polishers to adopt conservative rough diamond buying and reduce polished inventories. This includes a temporary measure tabled by the Indian cutting and jewellery trade to voluntarily reduce rough imports into the country.
The Company will host its quarterly conference call on Friday November 10 , 2023 at 11:00am ET . Prior to the conference call, the Company will release Q3 2023 financial results on November 9 , 2023 after-market.
Conference Call Dial-in Details:
Conference ID: 47510442
Date of call: 11/10/2023
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
Webcast Link:
https://app.webinar.net/K9ARjDR2YOp
Participant Toll-Free Dial-In Number: (+1) 888-390-0546
Participant International Dial-In Number: (+1) 416-764-8688
A replay of the webcast and audio call will be available on the Company's website.
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. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63 /carat, at February 2019 . Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140 /ct, at February 2019 . Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75 /carat, at February 2019 . All resource estimations are based on a 1mm diamond size bottom cut-off.
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Matthew MacPhail , P.Eng., MBA, and Tom E. McCandless , Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101
Mark Wall , President, and CEO, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: info@mountainprovince.com; Matt MacPhail , Chief Technical & Sustainability Officer, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: info@mountainprovince.com
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