Mountain Province Diamonds Announces Fourth Quarter and Full Year 2024 Production and Sales Results
23 January 2025
TORONTO, Jan. 23, 2025 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces production and sales results for the fourth quarter ended December 31, 2024 ("the Quarter" or "Q4 2024"), and for the full-year 2024 ("FY 2024") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.
FY 2024 Highlights
- In 2024, approximately 2.7 million carats were sold at an average value of $98 per carat (US$72 per carat) for total proceeds of $267.7 million (US195.2 million). This compares to 2.7 million carats sold at an average value of $121 per carat (US$90 per carat) for total proceeds of $328.6 million (US$243.8 million) in FY 2023.
- FY 2024 production of 4.66 million carats against guidance of 4.2 – 4.7 million carats.
- Ore mined on a FY 2024 basis was 5.4 million tonnes against the guidance of 4.1 – 4.6 million tonnes.
- Ore processed on a FY 2024 basis was 3.63 million tonnes against guidance of 3.4 – 3.6 million tonnes.
Mark Wall, the Company's President and Chief Executive Officer, commented:
"2024 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 (TRIFR) 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.
The project to stabilize and improve the processing plant was started in late 2022 and completed late in 2023. In 2024 3.63 million tonnes were processed, the best performance ever at the mine, noting that in 2021 3.08 million tonnes were treated, in 2022 3.1 million tonnes and in 2023 3.25 million tonnes.
The grade of ore that came from the mine was lower than anticipated in March, April and May of 2024, contributing to lower than anticipated grade for the year. This was offset by the higher throughput rate in the processing plant, resulting in 4.66 million carats produced against our guidance range of 4.2 to 4.7 million carats.
The decrease in total mined tonnes year-on-year from 9.8 million tonnes in 2023 to 8.99 million tonnes in 2024, was primarily due to pit bottom mining and the associated geotechnical challenges in the 5034 and Hearne open pits, both of which are now complete.
The challenge for the Company in 2024 was the diamond market, which was in a down-cycle, resulting in the Company's average annual realized price of $98 per carat versus a 2023 realized price of $121 per carat.
As per our recently updated Technical Report, 2025 carat production will be similar to 2024, which will be challenging for the Company if the current down-cycle continues, followed by a significantly higher production year in 2026 as we reach the NEX orebody."
Q4 and FY 2024 Production Highlights (All figures reported on a 100% basis unless otherwise stated)
- 8,989,000 total tonnes mined during the Quarter, a 9% decrease from the comparable period in 2023 (Q4 2023: 9,831,021). 33,388,905 total tonnes mined during FY 2024, a 10% decrease from the comparable period in 2023 (FY 2023: 37,147,350).
- 1,537,423 ore tonnes mined during the Quarter, a 19% decrease from the comparable period in 2023 (Q4 2023: 1,895,492). 5,379,404 ore tonnes mined during FY 2023, a 41% increase from the comparable period in 2023 (FY 2023: 3,807,102).
- 895,587 ore tonnes treated during the Quarter, a 5% increase from the comparable period in 2023 (Q4 2023: 855,319). 3,628,501 ore tonnes treated during FY 2024, a 12% increase from the comparable period in 2023 (FY 2022: 3,249,963).
- 890,202 carats recovered during the Quarter at an average grade of 0.99 carats per tonne, 43% lower than comparable quarter in 2023 (Q4 2023: 1,572,696 carats at 1.84). 4,661,681 carats recovered during FY 2024 at an average grade of 1.28 carats per tonne, 16% lower than the comparable period in 2023 (FY 2023: 5,557,655 carats at 1.71).