Home Business Desmond diamond play regains sparkle

Desmond diamond play regains sparkle

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A Canadian diamond mining company, in which businessman Dermot Desmond is the biggest shareholder, has seen production jump.

Mountain Province Diamonds (MPD) saw production at the Gahcho Kué diamond mine located in Canada’s Northwest Territories jump by 30pc during the third quarter from the previous three months as crews adjusted to Covid-19 protocols.

MPD is a 49pc participant with De Beers Group in the mine, while Desmond owns 32pc of MPD through his firm Dunebridge.

In August, Desmond agreed to put up a further $75m (€64m) to bail out MPD after it said that the diamond industry had suffered a “profound” impact due to Covid-19.

The mine produced 9.88 million tonnes of ore and waste material in the three months to the end of September, compared to 6.84 million tonnes in the previous quarter. But it was still below the 11.7 million tonnes it produced in the same period last year.

Sunday Indo Business

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