This extension follows a significant update to the mine's engineering plan, which involves steepening the open pit walls to access more kimberlite ore, resulting in an increased resource estimate.
The mine, a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%), has seen a notable expansion in its resource base. This update adds approximately 2.7 million tonnes of kimberlite, equating to an estimated 5.5 million carats, to the mine's overall production plan. As a result, the total probable reserves have been adjusted to 23.6 million tonnes, with a grade of 1.47 carats per tonne (c/t), translating to 34.6 million carats.
Mark Wall, CEO of Mountain Province Diamonds, emphasized the significance of this update, noting that the projected after-tax cash flow for Mountain Province is expected to reach C$626 million over the remaining life of the open pit. Wall also pointed out that while the diamond market is currently softer compared to 2022, there is potential for improved economics if prices recover.
The updated figures indicate that the mine will produce an estimated 36.3 million carats between 2024 and its projected closure in 2031, representing an 18% increase in recovered carats from previous estimates. This extension solidifies Gahcho Kué’s position as a key player in Canada’s diamond mining industry, with continued contributions to the regional economy and global diamond supply.
