Mountain Province has announced a 12% rise in third-quarter sales, reaching $50.8 million, attributing this growth to largely stable prices.
The Toronto-based mining company noted that it did not cancel or postpone any of its two sales during this period, unlike many other rough suppliers. This decision came despite a market impacted by ongoing price decreases.
In Q3 2024, Mountain Province sold 679,599 carats, a significant increase from 478,653 carats in the same quarter last year. However, the average price per carat fell nearly 27%, dropping from $95 to $75.
Despite a 10% decrease in output, totaling 1.19 million carats for the three months ending September 30, the company maintained its 2024 production guidance for the Gahcho Kue mine in the Northwest Territories. The forecast remains between 4.2 million and 4.7 million carats.
Mountain Province holds a 49% share of the diamonds recovered, with the remaining portion going to its joint venture partner, De Beers.
Reid Mackie, vice president of diamond sales and marketing at Mountain Province, stated, “The rough diamond market during Q3 was unsettled by continued price decreases announced by leading polished diamond price indices.”
In August, Mountain Province indicated that the Gahcho Kue mine is expected to produce 18% more carats over its lifespan than initially projected. Additionally, the mine is now anticipated to process ore until early 2031, extending the previous forecast of 2030.
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