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Mountain Province Reports Profit in 2016

Toronto: Mountain Province Diamonds recorded a profit last year, benefiting from the Canadian dollar’s improvement against its U.S. counterpart, reports Rapaport.

The miner’s net income stood at $3.6 million (CAD 4.8 million) compared with a net loss of $32.4 million (CAD 43.2 million) in 2015, the company reported on Wednesday. The change was mainly due to foreign-exchange gains of $3.6 million (CAD 4.8 million) during 2016 as the U.S. dollar weakened 3% against the Canadian coinage, the miner explained.

Mountain Province owns 49% of the Gahcho Kué diamond mine in the Northwest Territories, where commercial production began this year on March 1. The company expects to start recording revenue in the second quarter of 2017.