Mountain Province Corrects Price Mistake - from $124 to $74 per Carat
July 20, 25
(IDEX Online) - Canadian miner Mountain Province has been forced to correct the average per carat price published in its Q2 report, down from CAD 166 per carat (USD 124 per carat) to CAD 102 per carat (USD 74 per carat).
The company said it had mistakenly used the figure for Q2 2023, rather than Q2 2024, though it did not elaborate on how this had happened. The revised figure is almost 39 per cent lower.
Mountain Province said the correction (published on 14 July) did not affect any other information reported in the original announcement, dated 10 July.
It may, however, dent investor confidence at a time when the Toronto-based company is under considerable pressure.
It is refinancing with a USD 23.8m working capital credit facility to offset heavy losses amid slow demand.
In an update headlined "Correction To Second Quarter 2024 Sales Price per Carat," the company said: "The news release incorrectly referred to the average selling price for the second quarter ended June 30, 2023 and as a result incorrectly stated that the average selling price per carat, for the second quarter ended June 30, 2024 ("Q2 2024") was CA$166 per carat (US$124 per carat).
"The correct average selling price for Q2 2024 was CAD102 per carat (USD 74 per carat).
"This correction does not change any other information reported in the July 10, 2025 news release and no other matters require correction."
Mountain Province is a 49 per cent participant with De Beers Canada in the Gahcho Kue diamond mine, in Canada's Northwest Territories.
Pic shows the Gahcho Kue mine