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Mountain Province diamond sale totals £20.3m

Mountain Province Diamonds is a 49% participant with De Beers Group in the Gahcho Kué diamond mine located in Canada's Northwest Territories

Mountain Province Diamonds has announced that its latest diamond sale, which closed 22 January 2021, sold 241,827 carats for total proceeds of $27.8m (£20.3m), resulting in an average value of $115 (£84) per carat.

Mountain Province Diamonds is a 49% participant with De Beers Group in the Gahcho Kué diamond mine located in Canada’s Northwest Territories.

The Gahcho Kué joint venture property consists of several kimberlites that are actively being mined, developed, and explored for future development.

The company also controls 106,202 hectares of “highly prospective” mineral claims and leases immediately adjacent to the joint venture property that includes an “indicated mineral resource” at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

Stuart Brown, president and CEO for Mountain Province, commented: “The first sale of the year was excellent, the growing confidence amongst rough diamond buyers translated into a healthy price improvement of 8% on a like for like basis when compared to our record high volume December sale.

“We expect to see a continuation of the positive trend as rough and polished markets continue to strengthen post a successful retail season. Looking ahead, our upcoming February sale will also include, amongst other high value diamonds, the recently recovered 157 carat diamond. Named “Polaris” after the North Star, this exceptional diamond exhibits a rare natural blue fluorescence that echoes its Arctic origins.”

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