More Diamonds at Gahcho Kue mine
August 25, 24
(IDEX Online) - Mountain Province now says its Gahcho Kue mine, in Canada, is expected to produce 18 per cent more carats during its lifetime, based on its newly-updated mineral resource plan.
The Toronto-based miner also says the mine is likely to continue processing ore until early 2031, rather than 2030, as previously forecast.
Mountain Province says that as a result of engineering work done to steepen the pit walls, it now expects to recover a total of 36.3m carats between now and the mine's end of life, compared to the 30.8m carats originally forecast.
It says its 49 per cent share of operating cash flow from remaining open pit mining operations is estimated at CAD 626m (USD 456m)The remaining 51 per cent goes to De Beers, its joint venture partner.
"This is an important update to the production profile of the Gahcho Kue Mine," said company president and CEO Mark Wall.
"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."
Pic of Gahcho Kue mine, courtesy Mountain Province.