The revision comes as part of the company's newly-updated mineral resource plan, which also extends the mine's operational timeline.
According to the updated plan, the Gahcho Kue mine is now expected to remain in operation until early 2031, rather than 2030 as previously projected. This extension, combined with engineering work that has allowed for steepened pit walls, has enabled Mountain Province to increase the expected recovery from 30.8 million carats to 36.3 million carats.
The financial implications of this update are substantial. Mountain Province, which holds a 49% stake in the joint venture with De Beers, estimates that its share of the operating cash flow from the remaining open-pit mining operations will reach CAD 626 million (USD 456 million).
“This is an important update to the production profile of the Gahcho Kue Mine,” stated Mark Wall, President, and CEO of Mountain Province. “The diamond market is considerably softer than the period when the previous 2022 technical report was completed, which creates upside opportunity to the economics should prices improve.”
This revised forecast comes at a time when the global diamond market is facing economic challenges, yet the increase in production potential at Gahcho Kue provides a positive outlook for Mountain Province's future operations. The partnership with De Beers, who holds the remaining 51% stake, continues to be a key element in the mine's success.
The Gahcho Kue mine, one of the world’s largest new diamond mines, remains a cornerstone of Mountain Province’s operations and a critical player in Canada’s diamond industry.
