Mountain Province Turns a Profit in 2016

RAPAPORT… Mountain Province Diamonds recorded a profit last year,
benefiting from the Canadian dollar’s improvement against its U.S. counterpart.

The miner’s net income stood at $3.6 million (CAD 4.8
million) compared with a net loss of $32.4 million (CAD 43.2 million) in 2015, the
company reported on Wednesday. The change was mainly due to foreign-exchange
gains of $3.6 million (CAD 4.8 million) during 2016 as the U.S. dollar weakened
3% against the Canadian coinage, the miner explained.

Mountain Province owns 49% of the Gahcho Kué diamond
mine in the Northwest Territories, where commercial production began this year on
March 1. The company expects to start recording revenue in
the second quarter of 2017.

Leave a Reply

Your email address will not be published. Required fields are marked *