Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

Today

“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

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De Beers scaling up Tracr ahead of formal launch

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The perfect couple - platinum and diamonds

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The technology of growing single-crystal diamonds has now become industrial in nature

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Mountain Province announced 1Q 2019 financial Results and Revises 2019 Guidance

13 may 2019

mountainprovince_logo.pngMountain Province Diamonds Inc. announced its financial results for the quarter ended March 31, 2019.
According to the company, it sold 643,739 carats for $CAD 60.7 million (US$45.8 million) compared to $CAD66.6 million from 527,000 carats sold in Q1 2018 (US$52.4 million) at an average realised value of $CAD94 per carat (US$71) against 2018: $CAD126 per carat, (US$99).
Adjusted EBITDA amounted to $CAD19.7 million compared to $CAD33.6 million in Q1 2018, mainly due to the rough diamond market being weaker in Q1 2019 compared to Q1 2018 and the sale of a different mix of goods with fewer better-quality and special stones in Q1 2019 compared to Q1 2018. Adverse weather conditions during the quarter also affected the costs.
Earnings from mine operations went down to $CAD10.2 million compared to $CAD24.6 million in Q1 2018.
Cash costs of production, including capitalized stripping costs went to $CAD111 per tonne treated (2018: $CAD76 per tonne) and $CAD61 per carat recovered (2018: $CAD37 per carat).
The company also announced that as a result of plant enhancement modifications, it has increased its 2019 guidance from 3.1 – 3.2 million tonnes treated to 3.2 – 3.3 million tonnes.

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