The company reported net earnings of C$276.2 million, or C$1.31 per share, as opposed to the net loss of C$263.4 million or C$1.25 per share a year earlier. The company’s financials benefitted from the reversal of an impairment on property, plant and equipment of C$240.6 million (reference the 2020 impairment loss of C$217.4 million) offset by an unrealized foreign exchange gain of C$2.3 million (2020: C$12.3 million) on the translation of the company’s US-dollar-denominated long-term debt.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories.
Mountain Province flagged a recovery in rough diamond prices from late 2020, with final sales of 2020 registering prices close to pre-pandemic levels. This price growth continued through 2021, with the company’s average indicative market price index increasing 37% year-on-year, or 62%, from…
