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The Kimberley Process mulling over broader definition of "conflict diamonds"

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Mountain Province provides guidance for FY 2019 and an update on company's performance in 2018


29 december 2018

mountainprovince_logo.pngMountain Province Diamonds Inc. provided guidance for fiscal year 2019 for the Gahcho Kué Mine as well as an update on company's performance in 2018. 
In 2019 the company processed from 3.1 to 3.2 million tonnes of ore and recovered 6.6 – 6.9 million carats. The production costs stood at CAD110 – 120 per tonne processed while the production costs per carat recovered were CAD50 – 54 (all figures quoted on a 100% basis).
In addition to the 2019 guidance, the Company also provided a 3-year production outlook for the Gahcho Kué Mine.
The production guidance over the three-year period 2019 to 2021 is evidence of a sustainable and smooth mining rate as the mine performance maintains a steady state. In the near term, ore tonnes mined and processed for 2019 will be predominantly from the Hearne.
The mine has performed well in 2018 and there is high confidence that the tonnes treated will be on target for the year and carats recovered will be above the upper end guidance of 6.6 million carats, all of which will be achieved within the expected working cost and capital budgets stated for 2018.
Stuart Brown, the Company's President and Chief Executive Officer commented, "We will continue to build on our operational success of the past year as we further explore all opportunities within our highly prospective land package. Our forecasts for 2019 and beyond demonstrate that our operating margins remain healthy and the mine continues to generate positive free cash flow to cover all our operating costs and debt service requirements while still being able to fund the potential expansion of the asset and continued debt reduction. Any surplus cash available after this will be considered for potential dividend payments."
Mr. Brown, added, "2018 has certainly been a difficult year for producers in the industry. The first half of the year was relatively calm with modest price increases seen across all categories of diamonds; however, from July onwards we have witnessed some price pressure, particularly in the smaller, lower quality diamond space. We did see a slight price improvement in the smaller lower quality goods in our recent 9th sale where we again sold all our available production. The improved sales performance was encouraging as we head into the peak diamond retail season, which if successful should hopefully translate into an improvement of confidence in the rough diamond market in 2019."

Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished, Brussels