(IDEX Online) - Mountain Province Diamonds Inc. has announced that it will the upper end of its production guidance of 6.7-6.8 million carats for 2019. The company said from an operational point of view, 2019 had been a "strong year."
Looking ahead, the miner expects to recover 6.75-6.95 million carats from the Gahcho Ku?? (C) Mine in 2020. The company intends to increase the plant's capacity, giving greater operational flexibility and opportunities for growth within its highly prospective land package.
Mountain Province Diamonds' said that it has seen signs that the market is stabilizing, saying that prices for its last two sales have been positive.
"The major producers have also continued to sell to meet their clients demands which is encouraging to see. Thankfully the positive start to the global diamond retail season continues which will also help to balance the rough and polished diamond pipelines," said Stuart Brown, president and CEO.
"Lastly, the recently agreed acquisition of Tiffany by LVMH is a further confidence boost for our industry and signals a strong commitment to the luxury retail diamond market which can only be good for the sector in the long term."
he Company's guidance for 2020 demonstrates that the operating margins remain healthy and the mine continues to generate positive free cash flow, providing better leverage to fund the potential expansion of all the assets within its portfolio.