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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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29 april 2019

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