07:15 AM EDT, 04/02/2024 (MT Newswires) -- Mountain Province Diamonds Inc. ( MPVDF ) overnight Monday reported its Q4 2023 results.

The company recorded a quarterly net loss of near $76 million, or $(0.36) per diluted share. The company booked an impairment loss on property, plant and equipment of $104.6 million and foreign exchange gains of $6.7 million, on the translation of its USD-denominated long-term debts. Mountain Province reported net income of $9.4 million, or $0.04 per diluted share, a year ago.

In Q4 2023, 918,000 carats were sold at an average value of $87 per carat (US$64 per carat) for total proceeds of $79.8 million (US$58.9 million). This compares with 758,000 carats sold at an average value of $127 per carat (US$94 per carat) for total proceeds of $96.3 million (US$71.3 million) in Q4 2022.

Mountain Province said that in 2024, the company faces a lower production year due to the effects of mine sequencing and grade profile changes. This lower production year was anticipated, and the mine remains "on-track" to achieve its 2024 production guidance of 4.2 to 4.7 million carats at the joint venture level and 2.3 to 2.6 million carats sold at the company level.

On the rough diamond market, MPVD "continues to monitor developments closely as many factors are integrated in the market dynamic". It noted initial stages of a recent G7 sanction banning imports of Russian-origin rough diamonds have increased efforts through the diamond pipeline to track and promote diamond's origin tracing. "This could yield a positive impact on demand for Canadian origin goods, and the Company is reviewing opportunities."