05:23 PM EDT, 04/22/2024 (MT Newswires) -- Mountain Province Diamonds ( MPVDF ) Monday released production and sales results for the first quarter ending March 31, from the Gahcho Kue Diamond Mine.

The Q1 production takeaways show 1.2 million carats recovered, 4% lower than last year's 1,319,603 carats; an average grade of 1.57 carats per tonne, a 9% decrease from the year prior 1.72 carats per tonne; 1.9 million ore tonnes mined, a 355% increase relative to last year's comparable quarter and 805,557 ore tonnes treated, a 5% increase relative last year's comparable quarter.

During the quarter 938,310 carats were sold for total proceeds of C$89.4 million, resulting in an average price of $95 per carat.

The first quarter "is generally the toughest quarter at the GK Mine operations with the annual resupply via the ice-road in full swing and the challenges of operating in the far north with limited sunlight and very low temperatures. I am pleased to report that the ice-road resupply is now fully completed, with all necessary materials and consumables safely on site," chief executive Mark Wall said in a statement.

Mountain Province Diamonds ( MPVDF ) has a 49% stake in Gahcho Kue with De Beers Canada holding the majority interest in the Northwest Territories mine.