Mountain Province Diamonds (MPD) witnessed a resurgence in rough diamond prices at its Gahcho Kue mine during the first quarter of this year. Despite a 30% decrease compared to Q1 2023, the Canadian miner sold US$66 million worth of rough diamonds, marking a 14% increase from the previous quarter's US$58 million.
The average per carat price experienced a dip to US$69 from US$98 in Q1 2023 but showed a slight uptick from Q4 2023's US$63.
MPD, which reported a loss of US$32.3 million for FY 2023, has been implementing measures to curtail discretionary spending at the Gahcho Kue mine in Canada's Northwest Territories, operated jointly with De Beers.
Despite challenges, Q1 showcased robust figures in ore tonnes mined and treated. Mark Wall, the company's president and CEO, emphasized their focus on production and cost optimization while exploring avenues to amplify the value of Canadian diamonds globally.
He noted, "The processing plant continues to perform well following improvements in 2023. However, lower-than-anticipated grade from the mine in March resulted in a slightly diminished carat production compared to Q1 2023."
