Mountain Province Diamonds produces 4.66M carats in FY 2024

Mountain Province Diamonds Inc. has released production and sales results for the fourth quarter ended December 31, 2024, and for the full year 2024 from the Gahcho Kue diamond mine, Northwest Territories.

FY 2024 highlights: In 2024, approximately 2.7 mn cts were sold at an average value of $98 per carat (US$72 per carat) for total proceeds of $267.7 mn (US$195.2 mn). This compares with 2.7 mn cts sold at an average value of $121 per carat (US$90 per carat) for total proceeds of $328.6 mn (US$243.8 mn) in FY 2023.

FY 2024 production of 4.66 mn cts against guidance of 4.2 mn to 4.7 mn cts. Ore mined on a FY 2024 basis was 5.4 mn tonnes against the guidance of 4.1 mn to 4.6 mn tonnes. Ore processed on a FY 2024 basis was 3.63 mn tonnes against guidance of 3.4 mn to 3.6 mn tonnes.

President and CEO Mark Wall commented, “Two thousand twenty-four was a year of production records and cost control, overlaid with a challenging diamond price environment.

“On safety, 2024 ended with a total recordable injury frequency rate of 2.25, which is a 60% improvement from 2023 and the best safety performance in the operating history of the mine. In addition, the mine has reached 3.4 million work hours without a lost-time injury.

Mountain Province is a 49% participant with De Beers Canada in the Gahcho Kue diamond mine. The Gahcho Kue joint venture property consists of several kimberlites that are actively being mined, developed and explored for future development.