23 Sep 2020
DiamondWorld Directory
Home |
De Beers Canada mine project hit by operational challenges
De Beers Canada, which operates the Gahcho Kue diamond project in the Northwest Territories, failed to successfully complete ....
By: PolishedPrices.com
Apr 22 2006 12:00AM
Reference: 299  


De Beers Canada, which operates the Gahcho Kue diamond project in the Northwest Territories, failed to successfully complete the winter drill program, Mountain Province Diamonds, its joint venture partner, announced yesterday.

The $825 million open pit project is a joint venture between Mountain Province, which has a 44% stake, De Beers 51% and Camphor Ventures, which has a 4.9% interest.

The main reason was the impact of the warmer weather, which reduced access to Gahcho Kue via the ice road.

In a statement, Mountain Province’s President and CEO, Patrick Evans said: “The failure of the winter drill program to meet expectations is disappointing.”

The joint venture partners are currently investigating the factors that prevented successful completion of the drill program, which was scheduled this season, Evans said. He said the partners were also changing future work plans.

Since 2000, Beers is responsible for the financing of the capital of the project, giving it the right to increase its stake in the joint venture to 60% following commercial production.

In February 2006, Mountain Province retained UK-based WWW International
Diamond Consultants to provide an independent valuation model for the Gahcho Kue diamonds, which should be completed soon, the junior miner said.

The Gahcho Kue mine is expected to have a life of 20 years from start of construction to closure and will produce an average of three million carats annually over 15 years of operations.

The environmental assessment process for permits needed to build and operate the mine was proceeding according to schedule, the company said.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Sort by: 
yves dufour
(moonbeam ont)
When will be the start up of the mine aproximitily.Which company will have the contract to haul the material to the mill.Will there be fly in , fly out for people out province,and what will be the working schedule ex: 14 in, 14 out... thank you
*  Company:
*  Name:
*  Mobile:
*  Email:
Subscribe for DiamondWorld weekly Newsletter
HouseAd_Trade Fair
Search News by City
Kosher 23460
HouseAd_Trade Fair
Recent Issue
Kosher 23460
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 27266
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 1752
GJEPC Chairman Interview
Views: 24277
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 31590
Promo for IJ Awards 2012 at NDTV Profit
Views: 45910
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 58101
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18596
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 44572
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 42757
Member of:
Supporter of: