13 July 2021
Mining and processing performance improved relative to the prior quarter, driven primarily by an increase in operating days (first quarter 2021 featured a previously disclosed unplanned 22-day operational stand-down in February). Additionally, ongoing recruitment drives for relief operators, improving weather conditions, as well as targeted equipment availability improvements have led to an improvement in mining rates.
As previously disclosed, during the quarter 718,549 carats were sold for total proceeds of $64.7 million (US$52.6 million), resulting in an average value of $90 per carat (US$73 per carat). This Q2/21 sales result represents a 3% increase in US$ terms relative to the 603,000 carats sold for C$ 54.2 million (US$42.7 million) in Q1/21 at (US$71 per carat). The mix of diamonds sold varied across the quarters and on a direct comparison basis, second quarter market prices are approximately 18% higher than those achieved in the first quarter. As previously reported the diamond market is extremely strong at the moment and we expect to see more evidence of this in upcoming sales.
Stuart Brown, the Company's President and Chief Executive Officer, commented: "We're pleased to see production increasing in the second quarter, and expect the historically productive summer months to drive the recovery into Q3. With the first of the year complete and a sizeable stockpile of ore in front of the plant, we expect to hit our 2021 production guidance of 6,300,000 – 6,500,000 carats recovered."
Mining and processing performance improved relative to the prior quarter, driven primarily by an increase in operating days (first quarter 2021 featured a previously disclosed unplanned 22-day operational stand-down in February). Additionally, ongoing recruitment drives for relief operators, improving weather conditions, as well as targeted equipment availability improvements have led to an improvement in mining rates.
As previously disclosed, during the quarter 718,549 carats were sold for total proceeds of $64.7 million (US$52.6 million), resulting in an average value of $90 per carat (US$73 per carat). This Q2/21 sales result represents a 3% increase in US$ terms relative to the 603,000 carats sold for C$ 54.2 million (US$42.7 million) in Q1/21 at (US$71 per carat). The mix of diamonds sold varied across the quarters and on a direct comparison basis, second quarter market prices are approximately 18% higher than those achieved in the first quarter. As previously reported the diamond market is extremely strong at the moment and we expect to see more evidence of this in upcoming sales.
Stuart Brown, the Company's President and Chief Executive Officer, commented: "We're pleased to see production increasing in the second quarter, and expect the historically productive summer months to drive the recovery into Q3. With the first of the year complete and a sizeable stockpile of ore in front of the plant, we expect to hit our 2021 production guidance of 6,300,000 – 6,500,000 carats recovered."