On March 1, 2017 the production capacity at the mine Gacho Quay (Gahcho Kué) were provided by 70% of the projected level, amounting to 8,333 tons of diamond ore per day for a 30-day period.
Mining of overburden, waste rock and ore in career 5034 for the twelve months ended December 31, 2016 amounted to approximately 23.7 million tons. In this case, approximately 66 000 tonnes of ore reserves has been formed at the end of the year.
From August 1 to December 31, 2016 at the processing production at the mine Gacho Quay processed approximately 565,000 tonnes of ore, or 100% of the planned amount, and produced about 949,000 carats at an average grade of 1.68 carats per tonne.
In the period preceding the beginning of industrial production March 1, 2017, it produced about 668,449 carats of diamonds, representing 49% stake in the project.
As of March 29, 2017 the company held three diamond sales through a broker in Antwerp, Belgium. Results of the first companies of sales in the first quarter will be announced in conjunction with the financial results of the first three months of 2017.
Approximately 340,575 carats, are in stock and caught up to commercial production announcement March 1, 2017, will be sold in the coming months, and revenues from prior commercial production will be considered pre-production, and the main production capital.
For the three-month period ended December 31, 2016, net loss was $ 8.3 million, or $ 0.05 per share. Net income for the year ended December 31, 2016, totaled $ 4.8 million, or $ 0.03 earnings per share.
On 31 December 2016 the Company had available cash and cash Restricted totaling $ 90.7 million.
"The first three diamond tender gave us good results, but rough diamond buyers are cautious, relying on production from the new mine. that the prices of the disclosure period is expected to be extended until mid-year, when the first products will be in demand in the diamond market. Demonetization in India is also affected both the demand and the prices of products in the sales period, before estvovavshih top industrial As liquidity returns to the Indian diamond industry, we expect demand for our products and prices, "-. said the president and CEO of Mountain Province, Patrick Evans (Patrick Evans).
Mountain Province Diamonds together with De Beers Canada is co-owner of the mine Gacho Quay, located in the Northwest Territories of Canada. The Company owns 49% of its shares.
Gacho Quay is the world's largest new diamond mine, where production is forecast to average 4.5 million carats per year over the 12 years of its operation.
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The Government of Zimbabwe reported that it had still not received a final decision on the mining companies ready to consolidate its operations.
Representatives of official Harare earlier claimed that diamond companies have agreed to merge.
However, recent evidence refutes earlier approval of the authorities.
"The government insists that the decision was made to consolidate the diamond companies, not only in the region Chiadzwa (Chiadzwa), but also throughout the country. We also inform the company about the measures that will be applied to them if they did not agree to unite "- said the deputy minister of mining and development of mining Moyo Zimbabwe Fred (Fred Moyo).
"We hope that all companies have already conducted the annual extraordinary general meeting, so soon we will clear their position on the issue of unification," - he added.
Zimbabwe government would own 50% of the new merged company, while all the diamond companies, including Murowa Diamond and DTZ-OZGEO, will share the remaining 50%.
"It is also important to note that almost all of these companies have signed agreements with ZMDC (Zimbabwe Mining Development Corporation), and the duration of their operating licenses expired - Moyo said -. We are faced with this difficulty, but after solving all the issues we turn to Parliament with a statement on this issue. "
Responding to a question about whether to Zimbabwe's diamond mining, given that all the mining licenses of companies from Marange (Marange), reportedly expired, Moyo said that some mining companies, the licenses of which are still active, still engaged in production .
"It is clear that those companies whose licenses have expired, from the legislative point of view, it is impossible to continue production," - he said.
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