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Mountain Province Diamonds posts 13% production decrease in Q3, says on track to meet 2021 guidance

Vladimir Basov

Kitco News

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(Kitco News) - Mountain Province Diamonds (TSX: MPVD) yesterday announced that in Q3 2021, 1,562,105 carats were recovered from the Gahcho Kué diamond mine, located in Canada's Northwest Territories, which is 13% lower than in Q3 2020, and an 11% decrease relative to Q2 2021.

According to the company’s statement, mining performance improved relative to the prior quarter, benefitting from improved equipment availability, fewer incidences of extreme weather, as well as improved labour availability.

Chairman and Interim CEO Jonathan Comerford commented, "I am pleased with the performance of the mine in Q3. The grade was lower in the quarter due to planned processing of lower grade material, and because of the previously stated change to a larger bottom cut-off screen size. Despite this we remain well on target to meet our production guidance of 6,300,000 – 6,500,000 carats recovered for 2021."

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.

By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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