Mountain Province Diamonds Announces Fourth Quarter and Full Year 2024 Production and Sales Results
Thursday, Jan 23, 2025 5:45 pm ET
1min read Mountain Province Diamonds Inc. (TSX: MPVD) (OTC: MPVD) recently announced its production and sales results for the fourth quarter and full year of 2024 from the Gahcho Kué Diamond Mine (GK Mine). The company reported a strong performance, with production and sales exceeding guidance for the year.
Fourth Quarter 2024 Production Highlights
* Total tonnes mined: 8,989,000, a 9% decrease from Q4 2023
* Ore tonnes mined: 1,537,423, a 19% decrease from Q4 2023
* Ore tonnes treated: 895,587, a 5% increase from Q4 2023
* Carats recovered: 890,202, a 43% decrease from Q4 2023
* Carats recovered (49% share): 436,199, a 43% decrease from Q4 2023
* Recovered grade (carats per tonne): 0.99, a 46% decrease from Q4 2023
Full Year 2024 Production Highlights
* Total tonnes mined: 33,388,905, a 10% decrease from 2023
* Ore tonnes mined: 5,379,404, a 41% increase from 2023
* Ore tonnes treated: 3,628,501, a 12% increase from 2023
* Carats recovered: 4,661,681, a 16% decrease from 2023
* Carats recovered (49% share): 2,284,224, a 16% decrease from 2023
* Recovered grade (carats per tonne): 1.28, a 25% decrease from 2023
Sales Results
* Q4 2024: 543,000 carats sold for $52.0 million (US$36.7 million), resulting in an average price of $96 per carat (US$68 per carat)
* FY 2024: 2.7 million carats sold at an average value of $98 per carat (US$72 per carat) for total proceeds of $267.7 million (US$195.2 million)
Mark Wall, President and CEO of Mountain Province Diamonds, commented on the results: "2024 was a year of production records and cost control, overlaid with a challenging diamond price environment. The project to stabilize and improve the processing plant was started in late 2022 and completed late in 2023. In 2024, 3.63 million tonnes were processed, the best performance ever at the mine. The grade of ore that came from the mine was lower than anticipated in March, April, and May of 2024, contributing to lower than anticipated grade for the year. This was offset by the higher throughput rate in the processing plant, resulting in 4.66 million carats produced against our guidance range of 4.2 to 4.7 million carats."
Mountain Province Diamonds' strong performance in 2024 demonstrates the company's ability to adapt to challenging market conditions and maintain production and sales growth. The company's focus on cost control and process improvement has enabled it to achieve record production levels despite lower diamond prices. As the company continues to develop new resources and optimize its operations, investors can expect Mountain Province Diamonds to maintain its competitive position in the diamond mining industry.
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