DIAMONDS: Mountain Province makes first diamond sale

NORTHWEST TERRITORIES – Mountain Province Diamond of Toronto has made its first sale of diamonds from the Gahcho Kue mine 280 km northeast of Yellowknife. The company owns 49% of the mine, and the operator, De Beers Canada, holds the other 51%. Mountain Province sold 49,420 ct in Antwerp, Belgium, between Jan. 16 and 25, for about US$6.27 million or an average price of US$127 per carat. About 75% of the parcels offered were sold. The balance, smaller brown and lower quality diamonds, were withdrawn from the sale. The company is planning its next sale for Feb. 20, 2017. [caption id="attachment_1003716922" align="alignright" width="300"] The Gahcho Kue diamond recovery plant. (Photo: Mountain Province Diamonds)[/caption] Ramp up at the new Gahcho Kue mine began on Aug. 1, 2016. From then until the end of the year, the mine processed 515,000 tonnes of kimberlite and recovered 862,000 ct for an average grade of 1.67 ct/tonne. During the fourth quarter, 697,000 ct were produced, of which Mountain Province’s share was 341,000 ct. Details of the Gahcho Kue diamond mine can be found at www.MountainProvince.com.