Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD, NASDAQ: MPVD) announced today the results for the year ended December 31, 2016.
As quoted in the press release:
Mountain Province President and CEO Patrick Evans commented: “As previously reported, winterization issues impacting the mine conveyor systems affected the ramp-up to commercial production, but these issues have now been largely resolved with the build-up to full production expected to be achieved by midyear.”
Mr. Evans added: “Attendance at the Company’s first three diamond sales has been good, but rough diamond buyers remain cautious bidding for production from a new mine. This price discovery period is expected to extend to midyear, when our first production will be sold into the polished market. Demonetization in India also impacted both the demand for and realized prices achieved at the Company’s early sales of ramp-up diamond production. As liquidity returns to the Indian diamond sector, we expect to see improved demand and pricing for our production.”
Mr. Evans concluded: “Having declared commercial production this month, the Company expects to be able to provide 2017 production and revenue guidance during the second quarter of 2017.”