Mountain Province Diamonds Announces FY 2016 Second Quarter Results

August 12, 2016

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Mountain Province Diamonds (TSX:MPV) has announced the filing of its results for the second quarter ended June 30, 2016.

As quoted in the press release:

Quarter ended June 30, 2016 Highlights

  • Construction of the Gahcho Kué Diamond Mine was completed during the quarter; first ore was introduced to the diamond plant onJune 20, 2016; first commissioning diamonds were recovered on June 30, 2016; ramp up to commercial production is underway; and the mine is on track to achieve commercial production in January 2017.
  • During the quarter ended June 30, 2016, the Company entered into agreements with third parties for the valuation, sorting and marketing of its share of the diamond production from the Gahcho Kué Diamond Mine. The Company expects to have its first sale of pre-commercial production diamonds during Q4 2016 and approximately every five weeks thereafter.
  • At June 30, 2016, incurred costs of $995 million and commitments of $35.3 million on 100 percent basis had been incurred.
  • For the three months ended June 30, 2016, the Company reported a net loss of $0.4 million or ($0.00) per share and for the six months ended June 30, 2016, the Company reported a net income of $18.4 million or $0.12 per share fully diluted.
  • At June 30, 2016, the Company had cash and restricted cash totaling $124.4 million.
  • At August 11, 2016, US$290 million of the US$370 million Loan Facility had been drawn.
  • At August 11, 2016, the Gahcho Kué Diamond Mine has 451 full-time employees.

Click here to read the full press release.

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Category: Diamond