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Mountain Province Diamonds Inc. reports operating and financial developments tied to its 49% participation with De Beers in the Gahcho Kué diamond mine in Canada’s Northwest Territories. Company news commonly covers mine production, diamond recoveries, sales volumes, realized rough-diamond pricing, and market conditions affecting smaller and lower-priced goods.
Updates also address the Gahcho Kué joint venture, the Tuzo Phase 3 project, mineral claims and leases surrounding the mine, credit facility amendments, receivable sales, cash call matters, earnings releases, and governance changes. The recurring themes reflect a diamond producer managing mine operations, rough-diamond sales, liquidity, and joint venture obligations during a difficult diamond market.
Mountain Province Diamonds (TSX: MPVD) reported strong Q2 2021 results from the Gahcho Kué Diamond Mine. The company treated 811,171 tonnes of ore, a 30% increase from Q1 2021, and recovered 1,763,556 carats, exceeding Q2 2020 by 14%. The average grade rose to 2.17 carats per tonne, marking a 10% improvement year-over-year. Sales totaled $64.7 million, reflecting 718,549 carats sold at an average of $90 per carat. The company anticipates meeting its annual production guidance of 6.3 to 6.5 million carats.
Mountain Province Diamonds (MPVD) has reported strong Q2 2021 diamond sales, achieving total proceeds of $64.5 million from selling 718,549 carats, resulting in an average price of $90 per carat. This represents a 3% increase in revenue compared to Q1 2021, with market prices approximately 18% higher than the previous quarter. The company received an additional C$10.4 million from Dunebridge's diamond sales, leading to a reduction in the planned draw on a credit facility from US$10 million to US$8 million.
Mountain Province Diamonds reported financial results for Q1 2021, with 603,000 carats sold generating $54.2 million in total proceeds. The average realized value reached $90 per carat. Net income was $7.3 million or $0.03 per share. The quarter faced challenges, including a 22-day operational stand-down due to COVID-19 measures, leading to a 31% decrease in ore treated compared to Q1 2020. Despite this, the company anticipates recovering 6.3 to 6.5 million carats for 2021, aided by revised production strategies.
Mountain Province Diamonds (TSX: MPVD) has reported its Q1 2021 production results, highlighting significant impacts due to a 22-day operational stand-down amid COVID-19 protocols. Production declined, with ore tonnes treated down 31% year-over-year, totaling 625,582 tonnes. The company recovered 1,392,128 carats, 16% lower than Q1 2020. However, the average grade increased by 22% to 2.23 carats per tonne, reflecting operational flexibility. Sales amounted to $54.2 million, with an average price of $90 per carat. Earnings will be released on May 12, 2021.
Mountain Province Diamonds reported its fourth-quarter and full-year 2020 results, showing a 12% decrease in total tonnes mined year-over-year. Despite a 1% increase in ore tonnes mined compared to FY 2019, the net loss expanded to $263.4 million, largely due to a $217.4 million impairment charge. Carats sold increased to 957,000 in Q4, with earnings from mine operations at $22.8 million. Average diamond prices rose but overall revenue decreased to $227 million for FY 2020. Recovery efforts and enhanced safety measures amid COVID-19 challenges are ongoing.
Mountain Province Diamonds (TSX and OTCQX: MPVD) has reported a COVID-19 outbreak at its Gahcho Kué mine, leading to a temporary suspension of production activities. As of now, there are 2 confirmed and 6 presumptive cases, with all affected individuals quarantined and feeling well.
Management is prioritizing the containment of the outbreak and the safety of employees while maintaining essential operations such as water management and catering. Further updates on the resumption of production will be provided once the situation is assessed.
Mountain Province Diamonds Inc. (TSX: MPVD) reports Q3 2020 production results from the Gahcho Kué Diamond Mine. Key highlights include a 16% decrease in total tonnes mined year-over-year (9,880,757 tonnes), an 11% decline in ore tonnes mined (889,340 tonnes), and an 8% reduction in ore tonnes treated (821,049 tonnes). However, the company recovered 1,794,408 carats, a 17% increase from Q3 2019, with a higher average grade of 2.19 carats per tonne. Operations have improved from Q2 2020, adapting to COVID-19 protocols. The next financial results will be released on November 4, 2020.
Mountain Province Diamonds Inc. (MPVD) announced the approval of two related party transactions at a special shareholders meeting on September 29, 2020. These transactions included an assignment of US$25 million in debt to Dunebridge Worldwide Ltd., controlled by insider Dermot Desmond, with a new fixed interest rate of 5% and no financial covenants for a year. Additionally, the sales capacity under the diamond sales agreement with Dunebridge increased from US$50 million to US$100 million. The transactions aim to enhance the company's financial position amid COVID-19 challenges.
Mountain Province Diamonds (TSX and OTCQX: MPVD) held its 2020 Annual General & Special Meeting on September 9, 2020, where all nominees listed in the management proxy circular were elected as directors. Notable votes included Jonathan Comerford with 97.54% support and Tom Peregoodoff with 96.54%. Additionally, KPMG LLP was re-appointed as the company’s auditor and the Long Term Equity Incentive Plan was re-approved by shareholders. The company operates the Gahcho Kué diamond mine, holding a 49% interest in the venture alongside De Beers.
TSX and OTCQX: MPVD
Mountain Province Diamonds Inc. announced a special shareholders meeting on September 29, 2020, with a record date of August 26, 2020. The meeting aims to approve two related party transactions designed to strengthen the company's financial position amid COVID-19 challenges. Key proposals include an assignment of US$25,000,000 in indebtedness to Dermot Desmond and increasing the sales capacity under a diamond sales agreement from US$50,000,000 to US$100,000,000. Both actions are crucial for Mountain Province's financial stability.