Mountain Province Diamonds Announces Second Quarter 2019 Production and Sale Results and Provides Q2 Conference Call Details
TSX and NASDAQ: MPVD
TORONTO and NEW YORK, July 17, 2019 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and NASDAQ: MPVD) today announces production and sales results for the second quarter ended June 30, 2019 ("Q2 2019") from the Gahcho Kué Diamond Mine ("GK Mine"). The Company also releases the details for its Q2 2019 earnings conference call and webcast. All figures are expressed in Canadian dollars unless otherwise noted.
Q2 2019 Highlights
(all figures reported on a 100% basis unless otherwise stated)
- 10,865,263 total tonnes mined, a 6% increase on comparable period (Q2 2018: 10,285,000).
- 882,374 tonnes of ore treated a 2% decrease from comparable quarter (Q2 2018: 899,000 tonnes).
- 1,730,147 carats recovered at an average grade of 1.96 carats per, 10% lower than comparable quarter (Q2 2018: 1,930,500 carats and 2.15 carats per tonne). The grade variance year over year is
mainly a function of mining lower grade ore tonnes in Q2 2019 from Hearne and SWC Kimberlites in comparison to higher grades from the 5034 Kimberlite in Q2 2018. In addition, the ongoing plant
enhancement modifications and size frequency optimization result in the removal of the very small, lowest value diamonds from the recovery process further contributing, as expected, to fewer carats
- 1,077,730 carats sold at an average value of $89 per carat (US$67 per carat) for total proceeds of $95.8 million (US$71.7 million) in comparison to 1,113,724 carats sold at an average value of $89 per carat (US$69 per carat) for total proceeds of $99.1 million (US$76.8 million) in Q2 2018. It is important to note that the majority of the carats sold in Q2, 2019 were from the Hearne and SWC kimberlites as per plan, which contain lower average values per carat than the 5034 ore body, that made up most of the production in the previous year. The achievement of similar average values per carat sold year over year is very encouraging and can be attributed to the ongoing engagement with its JV Partner, De Beers Canada to focus on optimizing the process facilities recoverable size frequency distribution.
Q2 2019 Production Statistics1