Mountain Province Sales Experiences Minor Setback with Pebble Impact

Miner's revenue dips 18% due to varied inventory and external factors
Mountain Province Sales Experiences Minor Setback with Pebble Impact

The miner's revenue experienced an 18% decline to $243.7 million in the past year due to the sale of a "finer assortment of goods held back from previous quarters" during the fourth quarter, according to CEO Mark Wall. This resulted in a lower average value per carat sold compared to earlier quarters.

The company reported a 2% increase in sales volume to 2.7 million carats, while the average price per carat dropped by 20% to $90.

Wall attributed the sales impact to India's two-month moratorium on diamond imports, which concluded on December 15.

In the Gahcho Kué mine in Canada, the company recovered 5.6 million carats last year, at the lower end of its guidance. This total includes both the company's 49% ownership and the 51% share held by joint-venture partner De Beers.

For the fourth quarter, output was 3% lower than the previous year, totaling 1.6 million carats. Sales during the October-to-December period fell by 17% to $58.9 million. This decline was driven by a 32% drop in the average price per carat to $64, despite a 21% rise in sales volume to 917,757 carats.

Wall emphasized, "Regarding the rough-diamond market, the market is now reopened, and we continue to monitor it closely to maximize value from our sales pipeline."

Diamond World