https://www.miningweekly.com

Mountain Province says latest sale in line with expectations

16th August 2018

By: Creamer Media Reporter

     

Font size: - +

TSX-listed Mountain Province has netted $22.2-million from the sale of 334 751 ct in its sixth diamond sale of 2018, the company reported on Wednesday.

The sale realised an average price of $66/ct, which is lower than the previous sale’s realised price of $85/ct, but in line with expectations. Mountain Province, which owns the Gahcho Kue mine in a joint venture with De Beers, explained that the decline was driven by a much smaller offering of fancy diamonds and special stones, while the price also softened for smaller diamonds.

VP for diamond marketing Reid Mackie stated that the overall impact of the decline in average prices for run-of-mine goods was not material compared with those achieved in the previous sales and that prices for better quality fancies and specials remained firm.

Mountain Province also announced that it had successfully bid for the fancies and specials from the most recent shipment of diamonds received from the mine. The parcel includes four exceptional gem stones with carat weights of 91, 83, 58, and 45.

The miner further reported that production for July set new records from a tonnes processed and carats recovered perspective with 299 150 t processed, yielding 709 106 ct on a 100% basis, at an approximate grade of 2.37 c/t.  The higher grade was attributed to more tonnage from higher grade areas.

Mountain Province is a 49% participant in the Gahcho Kué mine, located in Canada's Northwest Territories. Gahcho Kué is the world's largest new diamond mine, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12-year mine plan. The mine is immediately south of the Company's wholly owned Kennady North lands where the Kelvin and Faraday kimberlites are being advanced to prefeasibility stage.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.099 0.13s - 90pq - 2rq
Subscribe Now