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Mountain Province Diamonds Inc T.MPVD

Alternate Symbol(s):  MPVDF

Mountain Province Diamonds Inc. is a Canada-based diamond company. The Company’s primary asset is its 49% interest in the Gahcho Kue Mine, a Joint Venture with De Beers Canada. The Gahcho Kue Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company’s Kennady North Project includes approximately 113,000 hectares of claims and leases surrounding the Gahcho Kue Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) at 8.50 million tons (Mt) at a grade of 1.60 carats/ton and a value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/ton and a value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct to 1.87Mt at a grade of 1.04 carats/ton and a value of US$75/carat.


TSX:MPVD - Post by User

Post by cigarbuttson Aug 30, 2018 12:49pm
63 Views
Post# 28543442

DeBeers total production in Canada

DeBeers total production in CanadaFor 2016 is 1,031 K carats.    Of course this is their 596K from Victor,  and their 432K 51% share of production from the GK mine.     They also won about $3,622M dollars Can worth of stones from us in the fancies and specials.     MPVD did capitalize this amount to the mine as it was in pre-production.

Anglo does use IFRS accounting like MPVD,  so there was no revenue recorded in 2016 from the production or sale of any stones by Anglo for GK production as those amounts were capitalized just like  MPVD,  into the second Q of 2017.

Thus the Sales price per carat gives you a pretty clear picture of Victor in 2016.   They report EBITDA of $79MUS for 2016,  which again IMO ismostly or all Victor.

They report EBITDA for all of Canada in 2017 of $205M  US.   Taking out Victor,  assuming the same run rate of $80M US  EBITDA in 2017 for Victor,  would leave $125MUS  EBITDA for  their 51% share of GK production.

Assuming they used IFRS accounting and stopped capitalizing GK sales at the same time MPVD did,  which appears to be the case from the Anglo reporting,   MPVD reported $70US per carat for an averge 2017 full year realization,  and full year 2017 EBITDA of
$56.6 M  Canadian.  

Why do I think there is something wrong with this picture being presented to MPVD stockholders?
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