OTHER

Mountain Province nets US$24.2M in eighth sale

Mountain Province Diamonds (TSX: MPVD) has reported US$24.2 million in proceeds from the eighth diamond sale this year.

Staff Reporter
Mountain Province sold 366,505 carats, at an average value of $66/ct in its eighth sale this year

Mountain Province sold 366,505 carats, at an average value of $66/ct in its eighth sale this year

The Northwest Territories-focused miner sold 366,505 carats, at an average value of $66/ct, compared with the $65/ct average price the company netted from the previous sale of 411,317cts.

"These results were in line with our expectations and reflect current market conditions. We saw good price bids for our better-quality larger goods where the majority of our value lies," said CEO Stuart Brown.

He said in the lower qualities and smaller size categories, the company saw average price declines in the mid-single digits.

"We believe the price pressure is predominantly driven by the recent rapid weakening of the Indian Rupee against the US dollar and to some extent the seasonal lower demand for rough diamonds ahead of the Diwali celebrations."

Brown also noted good reporting of diamond retail jewellery sales, particularly in the US, where demand remained strong.

The Chinese retail market is also strong and showing positive momentum despite the most recent uncertainty in Chinese capital markets.

"We are encouraged to see positive diamond jewellery retail sales and we believe that with a positive retail selling season we will see better demand for rough diamonds in the near future."

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine, in Canada's Northwest Territories.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.