Mountain Province’s loss grew even steeper in the second quarter as prices for its rough slid in the weakened market, and the mining of lower-grade ore meant it had fewer carats on offer.
The company, which operates the Gahcho Kué mine in Canada, reported a net loss of CAD 37.7 million ($27.4 million) for the three months that ended June 30, it said Wednesday. That compared to a loss of CAD 6.5 million ($4.7 million) during the same period a year ago.
The loss primarily stemmed from the current soft market for rough as the average price dropped 12% to CAD 90 ($65) per carat. The mining of lower-grade ore than it expected at the deeper portions of its pits — meaning there was less rough available for sale — also affected the company. However, a gain in foreign-currency exchange as the Canadian dollar grew stronger versus its US counterpart somewhat offset the loss. Mountain Province earns money in local currency but pays its debt in US dollars, it said.
“The first half of 2025 was a period of solid operational discipline…but one that also underscored the challenges we continue to face,” said Mountain Province CEO Mark Wall. “While the global diamond market showed tentative signs of recovery earlier in the year, recent US tariffs have introduced a new layer of uncertainty at a critical juncture. The diamond market remains fragile.”
Revenue for the period slid 36% year on year to CAD 36.8 million ($26.6 million), while sales volume fell 26% to 411,114 carats. Output for the three months dropped 46% to 708,072 carats.
Revenue for the first half decreased 47% to CAD 80.8 million ($57.3 million). The company reported a net loss of CAD 72.1 million ($52.4 million) compared to a profit of CAD 340,000 ($247,499) during the same period a year ago.
Mountain Province owns 49% of Gahcho Kué, with De Beers controlling the rest.
Image: Trucks hauling ore at the Gahcho Kué mine. (Mountain Province)