Diamond company, Mountain Province Diamonds Inc., receiving a US$ 10 million loan from lending firm Dunebridge Worldwide Ltd.
In the Canadian diamond industry, Mountain Province Diamonds Inc. has been making headlines with its latest updates. The company, which operates the world's largest diamond mine in a joint venture with De Beers, has recently released its Q2 2025 production and sales report, amended its bridge credit facility, and secured an additional borrowing under this facility.
The Gahcho Kué Mine, located in the Northwest Territories, saw a significant decrease in ore tonnes mined and carats recovered. A total of 346,955 carats were recovered (49% share), representing a 46% decline compared to the previous year. Sales for the quarter were 411,114 carats, totalling CAD 36.8 million (USD 26.6 million), with an average price of CAD 90 per carat (USD 65 per carat). These figures represent a substantial drop compared to Q2 2024 sales and price per carat figures.
Financially, Mountain Province recently entered into an amended and restated bridge credit facility agreement. This agreement increased the facility amount, and as of late July 2025, the company announced an additional borrowing of USD 10 million under this bridge facility. This move has increased the facility to USD 40 million, providing the company with greater liquidity.
The company, advised by a team of professionals from Hoskin & Harcourt S.E.N.C.R.L./s.r.l., including lawyers Joanna Cameron, Nicole Cargill, Martha Martindale, and Matthew Li, who specialise in financial services, has also made corrections to its previously announced sales price per carat figures for Q2 2024. These corrections were made to clarify forward-looking statements and risks affecting operations and financial results.
However, there were no public announcements of new partnerships or joint ventures in the latest disclosures. The joint venture between Mountain Province Diamonds and De Beers continues to operate the world's largest diamond mine, with the diamond mine in the Northwest Territories remaining a key asset for the company.
In summary, the key recent developments focus on operational production and sales results, adjustments to their credit facility with increased borrowing capacity, and financial reporting corrections, without new partnership or joint venture announcements as of mid-2025.
[1] Mountain Province Diamonds Inc. (2025). Mountain Province Diamonds Reports Q2 2025 Production and Sales. [Press Release]. Retrieved from https://www.mountainprovince.com/investors/news/ [2] Mountain Province Diamonds Inc. (2025). Mountain Province Diamonds Issues Correction to Previously Announced Sales Price per Carat Figures for Q2 2024. [Press Release]. Retrieved from https://www.mountainprovince.com/investors/news/ [3] Mountain Province Diamonds Inc. (2025). Mountain Province Diamonds Amends and Restates Bridge Credit Facility Agreement. [Press Release]. Retrieved from https://www.mountainprovince.com/investors/news/ [4] Mountain Province Diamonds Inc. (2025). Mountain Province Diamonds Secures Additional USD 10 Million Term Loan. [Press Release]. Retrieved from https://www.mountainprovince.com/investors/news/
- Mountain Province Diamonds Inc., a key player in the Canadian diamond industry, has been active in multiple areas of business, including finance, with recent changes to their bridge credit facility and additional borrowing to increase liquidity.
- The 2025 Q2 production and sales report announced by Mountain Province Diamonds, a company known for its large diamond mine in Northwest Territories, showed a decline in ore tonnes mined, carats recovered, and price per carat compared to the previous year, revealing challenges in the industry.
