Another Sharp Dip in Mountain Province Sales
July 13, 25
(IDEX Online) - Canadian miner Mountain Province reported a 36 per cent drop in rough sales for Q2, the three months to 30 June, down USD 26.6m.
It follows a severe decline the previous quarter, when sales from its Gahcho Kue mine were down by 54 per cent.
Mountain Province, based in Toronto, also said average per carat prices for Q2 were down by 48 per cent from USD 124 to USD 65.
In an update last week it said it had recovered 708,072 carats, during the quarter, down 46 per cent year-on-year.
Mountain Province has been refinancing with a USD 23.8m working capital credit facility to offset heavy losses.
The company is a 49 per cent participant with De Beers Canada in the Gahcho Kue diamond mine, in Canada's Northwest Territories.