Mountain Province Diamonds Completes Fifth Diamond Sale

Mountain Province Diamonds (TSX:MPVD,NASDAQ:MPVD) has released the results from its  recently completed fifth diamond tender sale of 2018. Total proceeds from the sale were US$30.3 million (C$40 million), setting another new high for Mountain Province’s tender results to date. This fifth tender also delivered the sale of Mountain Province’s highest value individual diamond, as well as the highest attributable value per tonne to date.

Mountain Province Diamonds is a 49 percent participant in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. Gahcho Kué is the world’s largest new diamond mine, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12 year mine plan.

The first five sales Mountain has completed for 2018 raised a total of US$137.4 million, compared to US$71.5 million for the first five sales of 2017.

As quoted from the press release:

“The positive results of our fifth sale were driven by strong demand in the rough diamond market”, said Reid Mackie, the company’s vice president diamond marketing. “This demand is supported by stable rough supply levels and continued positive retail news from the key diamond consumer markets. At our fifth tender, customer interest and bidding competition was particularly high for larger white gem lots. We saw prices for this product category again increase by low single digit percentages compared with the previous sale.”

He continued: “This interest in larger white gem was exemplified by the impressive sales result achieved for the 95 carat diamond acquired at the most recent joint venture production split. Customer competition for the 95 carat gem exceeded expectations, with the final result more than doubling the previous highest value achieved for a single diamond. To maintain confidentiality for the buyer, further specifics of this diamond’s sale will not be released.”

Click here to read the full press release