(IDEX Online) - Canadian miner Mountain Province Diamonds has drawn $25m from its credit facility and halted sales indefinitely in response to coronavirus.
It is still operating its Gahcho Ku?? (C) mine, in Northwest Territories, albeit with COVID-19 distancing protocols and four-week rather than two-week crew rotations to minimize movement in and out. And the company's third sale of the year, in Antwerp, was postponed indefinitely.
Mountain Province said: "The company's sales, as previously stated, have been halted indefinitely. In the meantime, alternative sale strategies are being explored and will be considered if deemed viable."
Production in Q1 of 2020 was up four per cent on the same quarter last year, to 1.655m carats.
And despite COVID-19, sales for the same period were up from $45.8m to $49.2m.
Stuart Brown, president and CEO, said: "Our Q1 2020 production figures were in line with expectations and slightly improved compared to the equivalent period last year.
"Looking ahead however, and as a result of the COVID-19 pandemic, our full year 2020 production guidance will be revised."