Mountain Province Sales Hit $134M in First Year

RAPAPORT... Mountain Province saw $134 million in revenue from the firstyear of operations at its Gahcho Ku?(C) mine, the company said this week. The miner sold 2 million carats at an average price of $70per carat during 2017, and recorded a profit of $13.4 million (CAD 17.2 million). MountainProvince started recovering diamonds from the asset in late 2016 and reachedcommercial production - its expected output level - in March 2017. Prices have increased in 2018, with the miner's first saleof the year, in February, garnering $78 per carat, and its March tenderachieving $142 per carat, the company's highest average selling price to date. "The 2018 year has seen a strong start in rough-diamondmarkets," said CEO David Whittle. "The first two sales of the year substantiallyexceeded expectations, and prices have firmed across all product categoriessince the second half of 2017." Mountain Province owns 49% of the Gahcho Ku?(C) mine, with DeBeers holding the remaining 51%. Mountain Province is also in the process ofacquiring the Kennady Diamonds project, adjacent to Gahcho Ku?(C), and has provisionallyagreed to incorporate those assets into the Gahcho Ku?(C) operation.