Mountain Province Releases Q3 Results

Mountain Province Diamonds (TSX:MPVD,NASDAQ:MPVD) has released its third quarter results from the Gahcho Kué diamond mine. The company also provided the details for its Q3 conference call which will take place on November 13th, 2018.

As quoted from the press release:

Q3 2018 Production Highlights

• The plant treated 759,000 tonnes during the quarter, 8 percent less than the same quarter last year as a result of a planned maintenance shut down in the plant.
• 1,819,000 carats were recovered at an average grade of approximately 2.40 carats per tonne in Q3 2018. Q3 2018 recovered grade of 2.40 carats per tonne, was 8 percent higher than the same quarter last year and increases the year to date grade profile to 2.21 carats per tonne.
• Ore tonnes mined in Q3 2018 were 1,155,000 tonnes, or 3 percent higher than the same quarter last year.

Q3 2018 Production Summary

The GK Mine operations had another solid quarter with over 11.6 million tonnes of material being mined. The recovered grade also continues to outperform expectations. The head grade in Q3 2018 was 2.40 carats per tonne which is significantly higher than originally anticipated. As a result, the year to date head grade at the plant has reached 2.21 carats per tonne which is 5 percent higher than our full year 2018 forecast grade. A planned maintenance shut down in the plant during the quarter resulted in less ore tonnes passing through the plant in comparison to what has been achieved in previous quarters of 2018. However, daily throughput in the plant continues to be consistant with our targets for the year.

At September 30 2018, the company remains well positioned to achieve the upper end of its full year 2018 production guidance of 6.3 – 6.6 million carats recovered.

Stuart Brown, the company’s president and chief executive officer, commented: “The third quarter performance continues to follow the trend of ongoing excellent performance set by the GK Mine team, in a safe and sustainable manner. We expect this trend to continue into the last quarter of the year. The continued good performance is pleasing as the mine matures into its steady state production methodology of continuous improvement.”

Click here to read the full announcement