Mountain Province Diamonds Inc. has completed an updated mineral reserve and mineral resource estimate and life of mine plan for the Gahcho Kué diamond mine, a joint venture with De Beers in Canada’s Northwest Territories.
In the new report, the total diamond recovery is estimated to be 36.3 million carats compared to 30.8 million carats reported in 2022. Ore processing is now estimated to finish early 2031, not 2030.
The new indicated resources are estimated at 21.4 million tons of or with an average grade of 1.70 carats per ton, while inferred resources are sees as 13.3 million tons with an average grade of 1.79 carats per ton.
Included in the production plan is moving to a lower bottom cut-off sizes from 1.1mm to 1.0mm in 2027 which coincides with expected lower global production due to mine closures from 2026 onward. Mountain Province's 49% share of operating cash flow from remaining open pit mining operations is estimated at $626 million.
"This is an important update to the production profile of the Gahcho Kué mine. The projected operational after-tax cash flow attributable to Mountain Province for the balance of the open pit life of mine plan of $626 million demonstrates the value of the Gahcho Kué mine. 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,” said the company’s president and CEO Mark Wall.
Theodor Lisovoy, Managing Editor, Rough&Polished
