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Mountain Province Diamonds Reports Seventh Sale for 2018
Sep. 07, 2018 06:02AM PST
Gem Investing
Total proceeds from the sale were US$26.9 million from 411,317 carats at an average realized value of US$65 per carat.
Mountain Province Diamonds (TSX:MPVD,NASDAQ:MPVD) today announces the results of its seventh diamond sale completed on Friday August 31, 2018. Total proceeds from the sale were US$26.9 million from 411,317 carats at an average realized value of US$65 per carat.
“Our seventh sale generated high competition levels which allowed us to sell all lots and achieve full revenue,” said Reid Mackie, VP diamond marketing. “Consistent with the wider rough diamond market, prices saw single digit decreases overall. Lower qualities and smaller sizes experienced price pressure but our +10.8 carat specials performed well and made a strong contribution to the higher total sale result.”
“The seventh sale of the year totalling US$26.9 million was a pleasing result considering the time of the year and the diamonds on offer. The production from the mine and the plant continue to outperform our expectations with the higher grades continuing to help generate more carats which contribute to our positive cash generation,” said Stuart Brown, the company’s president and CEO.