Mountain Province records net loss of $5.4 million in Q3

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 Mountain Province records net loss of $5.4 million in Q3Mountain Province Diamonds Inc. announced its financial results for the third quarter ended September 30, 2016. The company experienced a net loss of $5.4 million (in CAD$) or ($0.03) per share. For the nine months ended September 30, 2016, the company reported net income of $13.1 million or $0.08 per share, fully diluted, due largely to foreign exchange movements.

Production ramp-up at the Gahcho Kué mine commenced on August 1, 2016, within the said quarter approximately 130,000 tonnes of ore were processed and around 198,000 carats were recovered of which approximately 97,000 carats (49 percent) are the company’s share.

During the quarter the run-of-mine diamond production from August 1 to August 25, 2016 was split at the Diavik Diamond Mines Inc. (DDMI) sorting facility based in Yellowknife, with De Beers Canada Inc. receiving 51 percent and Mountain Province 49 percent. The production from August 26, 2016 to October 3, 2016 was sent to DDMI and the split was completed subsequent to the quarter end on October 18, 2016.

The company plans its first sale of diamond production through its diamond broker, Bonas, in Antwerp, Belgium in mid-January, 2017 and approximately every five weeks thereafter. Commissioning of the Gahcho Kué mine is currently in progress and commercial production remains on target for early January 2017. At September 30, 2016, mine development costs of $1,026 million and commitments of $18.5 million (100 percent basis) had been incurred.



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