Mountain Province Diamonds reports $74 million in sales in Q3 2021 on strong prices
(Kitco News) - Mountain Province Diamonds (TSX: MPVD) announced today that during the third quarter of 2021, 1,028,327 carats were sold for total proceeds of $93.9 million (US$74.1 million) resulting in an average value of $91 per carat (US$72 per carat).
The company said that this brings year-to-date sales to 2,349,644 carats, for total proceeds of $212.5 million (US$169.4 million) resulting in a year-to-date average value of $90 per carat (US$72 per carat).
President and CEO Stuart Brown commented, "We're extremely pleased to see the strong price increases achieved at sales in the first half of 2021 continue into the third quarter. We expect the rough and polished markets to maintain momentum into the important holiday buying season, which should benefit our two remaining sales for the year. The strong sales results year-to-date have allowed the company to completely repay its short-term debt facility far earlier than originally planned which is very encouraging."
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development.
The company also controls 106,202 hectares of prospective mineral claims and leases surrounding the Gahcho Kué mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites.