The following is a summary of the Mountain Province Diamonds Inc. (MPVDF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Mountain Province Diamonds reported a Q4 adjusted EBITDA of CAD 39.8 million, up from Q3's CAD 25.1 million.
Annual adjusted EBITDA for 2023 was $165 million, a fall from the previous year's record high of $177.2 million.
Full-year revenues stood at $328.6 million, with the company selling 2.7 million carats at an average price of $121 per carat.
The company managed to grow its closing cash position by $12 million and repaid $18 million against the senior loan notes principal.
Full-year cash cost of production was $129 per tonne treated, with the cost per carat recovered at $75.
The net loss after tax for 2023 was $43.7 million, which equals a loss of $0.21 per share. Ignoring the impairment charge, the per-share gain would have been $0.22.
Business Progress:
Safety was a priority in 2023, with a 43% improvement in total recordable injury frequency rate from 2022.
There was a 9% and 5% increase in total tonnes mined and treated respectively in 2023, due to plant improvements.
The company expects to meet the 2023 production guidance of 4.2-4.7 million carats, despite a forecasted decline in production in 2024.
The company plans on controlling costs in 2024, planning employee reviews and cost reduction opportunities.
Mountain Province Diamonds is also assessing the potential impact of G7 sanctions banning imports of Russian origin rough diamonds, which might increase demand for Canadian origin goods.
The company is exploring blockchain technology for enhancing diamond traceability and developing branding programs to highlight the origin of their Canadian source diamonds.
The company will focus on cost reductions and changing the mine design for further efficiencies in the future.
More details: MOUNTAIN PROVINCE DIAMONDS INC IR
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