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Mountain Province Diamonds Production Report for the Third Quarter Ended September 30, 2017 and Results of Eighth Diamond Sale
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PR Newswire
TORONTO and NEW YORK, Oct. 24, 2017
Shares Issued and Outstanding: 160,245,166
TSX and NASDAQ: MPVD
TORONTO and NEW YORK, Oct. 24, 2017 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and NASDAQ: MPVD) today announces production results for the third quarter ended September 30, 2017 from the Gahcho Kué Diamond Mine ("GK Mine"), as well as the results of its recently completed eighth diamond sale.
Q3 Production Highlights
- Mining of overburden, waste rock and ore in the 5034 open pit for the third quarter was approximately 8.3 million tonnes, with approximately 695,000 tonnes of ore (100 percent basis) stockpiled at period end.
- In the third quarter of 2017, the GK Mine treated approximately 823,000 tonnes of ore through the process plant (14% greater than current forecast) and recovered approximately 1,825,000 carats on a 100% basis (19% greater than current forecast) for an average grade of approximately 2.22 carats per tonne. The Company's attributable share of third quarter diamond production was approximately 894,000 carats.
Q3 Production Statistics
| | | |
| | 2017 Q3 | 2017 YTD |
| | | |
| Total tonnes mined (100%) (overburden, waste and ore) | 8,312,000 | 24,372,000 |
| Ore tonnes mined (100%) | 1,123,000 | 2,674,000 |
| Ore tonnes processed (100%) | 823,000 | 2,082,000 |
| Carats recovered (100%) | 1,825,000 | 4,306,000 |
| Carats recovered (49% share) | 894,000 | 2,110,000 |
| Recovered grade (carats per tonne) | 2.22 | 2.07 |
Said David Whittle, the Company's Interim President and Chief Executive Officer, "The recovered grade in the third quarter of 2.22 carats per tonne remains substantially above the 1.62 initially projected for 2017. Given the continuation of our strong plant performance and favourable grade experience at the GK Mine, we are well on track to meet and exceed our current full-year 2017 production guidance of 2,720,000 tonnes processed and 5,500,000 carats recovered on a 100% basis."
Eighth Diamond Sale Results
The results of the eighth sale, with preceding sale results for comparative context, are summarized as follows:
| | | | | | |
| | 2017-Q1 Sales 1-3 | 2017-Q2 Sales 4-5 | 2017-Jul Sale 6 | 2017-Sep Sale 7 | 2017-Oct Sale 8 |
| | | | | | |
| Tender Sale Proceeds (USD million) | 37.7 | 33.8 | 20.9 | 27.1 | 21.3 |
| Carats Sold ('000s) | 522 | 370 | 290 | 463 | 353 |
| Value per Carat (USD)1 | 72 | 91 | 72 | 59 | 60 |
| Normalized Value per Carat (USD) | 72 | 792 | 872 | 722 | 632 |
| 1 | Diamonds sold at individual sale events will not directly reflect run-of-mine production from specific processing periods. The timing of the sale of some goods may be accelerated or deferred for tactical marketing purposes. Realized average value per carat is also impacted by the binary nature of the fancies and specials bidding process within each production split, conducted approximately every five weeks with the Company's joint venture partner, De Beers Canada Inc. The winning party of each fancies and specials bid then markets 100% of those diamonds. |
| 2 | Normalized to adjust for goods accelerated or deferred, and to include fancies and specials acquired through bid by De Beers Canada Inc. |
To more meaningfully relate prices realized at sale events to production results, the Company also provides the following table:
| | | | | | | | | | |
| Production Period3 | Inception |
Q1 2017 |
Apr 2017 |
May 2017 |
June |
July |
Aug |
Sep 2017 | YTD |
| | | | | | | | | | |
| Sale in Which Goods Were Primarily Sold | 1 & 2 | 3 to 5 | 6 | 7 | 7&8 | 8 | n/a2 | n/a2 Werbung Mehr Nachrichten zur Mountain Province Diamonds Aktie kostenlos abonnieren
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