Mountain Province Diamonds Posts Record Production but Faces Deep Losses
Event summary
- Mountain Province Diamonds reported a net loss of $120.6 million for Q2 2026, despite record production of 2.015 million carats.
- Revenue from diamond sales was $43.5 million (US$31.2 million) at an average price of $50 per carat (US$36).
- Adjusted EBITDA was $8.4 million, but operational losses reached $89.8 million.
- The company highlighted a 185% increase in production compared to Q2 2025, driven by high recovered grades.
The big picture
Mountain Province Diamonds is navigating a challenging period for the Canadian diamond sector, marked by geopolitical uncertainty and economic pressures. As the last operating diamond mine in Canada, its performance is critical to the industry's stability. The company's strategic focus on operational efficiency and cost management will be key in sustaining its position amid market volatility.
What we're watching
- Market Dynamics
- Whether the recent improvement in diamond pricing reflects a sustained market recovery or temporary supply tightening.
- Financial Stability
- How Mountain Province will stabilize its financial position amid deep losses and weakening Canadian dollar impacts.
- Operational Resilience
- The pace at which the company can maintain high production grades while managing operational costs.
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