Mountain Province enters final quarter with ‘cautious level of confidence’
The rough diamond market is starting to show some positive momentum, with prices having recovered close to pre-Covid levels from the lows seen during the peak of the pandemic, Canadian miner Mountain Province CEO Stuart Brown said on Wednesday.
Although demand for rough diamonds was not yet back to pre-Covid-19 levels, the low amount of supply coming into the market had helped raise industry confidence levels, he said.
During the third quarter, Mountain Province restarted its traditional sales process in Antwerp.
The company sold 956 000 ct at an average realised price of C$50/ct, or $37/ct, for total proceeds of C$47.3-million, which comprised sales to Dunebridge Worldwide and the company’s first traditional sale since the start of the pandemic.
Year to date and as of September 30, the company generated revenue of C$146.8-million (at an average realised value of C$62/ct, compared with C$211.3-million in 2019 at an average realised value of C$84/ct). Sales data since the start of the pandemic do not include the sale of any fancies and special diamonds.
"From an operational perspective, there is no doubt it has been a difficult year so far; we have had to implement numerous new procedures to mitigate the challenges posed by Covid -19. The mine operations team has adapted to the new protocols on site and production output has stabilised.
"With the successful implementation of mitigating actions at site, the start of the recovery in diamond pricing and the finalisation and extension of the short-term funding facility, we have a cautious level of confidence as we enter the final quarter of the year,” Brown said.
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