International news within the industry of mining and metal, Jun, 26 2019
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Canadian diamond miner boosts sales

Photo: Mountain Province Diamonds
Photo: Mountain Province Diamonds
Published by
Jaroslaw Adamowski - 25 Mar 2019

Canadian diamond miner Mountain Province Diamonds has unveiled its improved financial results for last year. In 2018, the company managed to boost its total sales revenue to $311 million, up a robust 83% compared with a year earlier.

 

The miner sold 3.253 million carats in 2018, up from 2.656 million a year earlier. Its Gahhcho Kué mine in Canada exceeded the upper end of the guidance of tonnes treated for the financial year 2018, at 3.194 million tonnes, and recovered a record 6.937 million carats, Mountain Province Diamonds said in a statement.

 

The miner says the 49% stake in Gahcho Kué is its primary asset. De Beers Canada (51%), who also act as the mine’s operator, owns the remaining 51% of the shares.

 

"Capital expenditures in 2018 were $35.8 million, $29.4 million of which were one-time pre mine construction and development capital costs and the remaining $6.4 million were sustaining capital expend-itures related to mine operations," the statement said.