Mountain Province Diamonds has revised its production forecast for the Gahcho Kué mine in Canada, expecting to produce 36.3 million carats annually—an increase from the previous estimate of 30.8 million carats.
The company announced Wednesday that the increase follows an updated mineral resource plan, which includes deeper ore from the open pit due to modifications in the site’s pit walls. The updated estimate comes after the last resource assessment in 2022. Mountain Province holds a 49% stake in the mine, while De Beers owns the remaining 51%. Mountain Province expects to generate $626 million in revenue from its share of production.
The revised mining plan has also extended the mine’s lifespan, with the company now anticipating operations to continue until early 2031, rather than 2030. The new resource estimates cover confirmed deposits of indicated diamonds. Additionally, the plan includes 23.7 million carats of inferred diamonds, which are presumed to exist based on the discovery of nearby deposits. Diamond values are estimated to range between $71 and $146 per carat.
“This is an important update to the production profile of the Gahcho Kué mine,” said Mark Wall, CEO of Mountain Province Diamonds. He also noted that while the diamond market is currently softer compared to 2022, this presents potential economic benefits if prices rebound.
