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Mountain Province Diamonds announces FY & and Q4 2020 results

29 march 2021
Image credit: Mountain Province

Mountain Province Diamonds Inc. announced its financial and operating results on 25 Mar ’21 for the fourth quarter and the full year ended December 31, 2020, as per the press release from the mining company.
For the Full Year 2020, total sales revenue was at c$227 mn compared to c$276 mn in 2019 at an average realized value of $68 per carat 2019 as against $84 per carat. Net loss of c$263.4 mn or c$1.25 loss per share was recorded as against net loss c$128.8 mn or c$0.61 loss per share in 2019. Capital expenditures were c$38.8 mn, c$25.7 mn of which were deferred stripping costs, with the remaining c$13.1 mn accounting for sustaining capital expenditures related to mine operations. 
In FY 2020 a total of 35.9 mn tonnes mined, compared to a total of 43.2 mn tonnes mined in 2019; a 17% decrease y-o-y. 
In Q4 2020, 957,120 carats were sold at an average value of $84 per carat for total proceeds of $80.2 mn in comparison to 771,799 carats sold at an average value of $84 per carat for total proceeds of $65.0 mn in Q4 2019. 
During FY 2020, 3,329,289 carats were sold at an average value of $68 per carat for total proceeds of $227 mn in comparison to 3,284,520 carats sold at an average value of $84 per carat for total proceeds of $276 million in FY 2019. 
Mountain Province President and CEO Stuart Brown commented: "2020 was a challenging year for the Company and Gahcho Kué Mine, with pandemic-related personnel shortages and an inability to trade in the rough markets due to global lock-downs driving our underperformance. 2020 was certainly a very challenging year and 2021, although positive from a diamond price recovery perspective, has been equally challenging from a planning and production perspective. We remain focused on the production and meeting our cash flow objectives in an ever-changing environment."
Mountain Province Diamonds remains optimistic that as the world emerges from the effects of the coronavirus pandemic the recovery of both rough diamond and polished diamond prices will continue, as seen during the last quarter of 2020 and the first quarter of 2021. Retail sales have recovered well and should continue to benefit from the pent-up savings that will be spent when economies reopen.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished