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De Beers to Take Full Ownership of Gahcho Kué
It is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
Under a new agreement with Mountain Province Diamonds, De Beers Canada will take full ownership of Gahcho Kué, a diamond mine in the Northwest Territories that opened in 2016.
Toronto—De Beers Canada Inc. will take full ownership of the Gahcho Kué diamond mine after reaching a deal with Mountain Province Diamonds Inc.
Previously, De Beers owned 51 percent of the mine and Mountain Province owned 49 percent. Financial terms were not disclosed.
Located in Canada’s Northwest Territories, Gahcho Kué is the last operating diamond mine in Canada following the recent closures of Ekati and Diavik.
It is expected to close at the end of 2027 following De Beers’ decision to pause the Tuzo Phase 3 expansion project, which would have extended the mine’s life to 2030.
“This agreement follows an extensive review of the alternatives available to the company against the backdrop of a material decline in diamond prices over the past year, driven in the main by tariff-related uncertainty and the conflict in the Middle East,” said Jonathan Comerford, president and CEO of Mountain Province.
The Toronto-based company has been struggling with financial issues and was delisted from the Toronto Stock Exchange in July.
Related stories will be right here …
Previously, De Beers owned 51 percent of the mine and Mountain Province owned 49 percent. Financial terms were not disclosed.
Located in Canada’s Northwest Territories, Gahcho Kué is the last operating diamond mine in Canada following the recent closures of Ekati and Diavik.
It is expected to close at the end of 2027 following De Beers’ decision to pause the Tuzo Phase 3 expansion project, which would have extended the mine’s life to 2030.
“This agreement follows an extensive review of the alternatives available to the company against the backdrop of a material decline in diamond prices over the past year, driven in the main by tariff-related uncertainty and the conflict in the Middle East,” said Jonathan Comerford, president and CEO of Mountain Province.
The Toronto-based company has been struggling with financial issues and was delisted from the Toronto Stock Exchange in July.
This agreement gives Mountain Province the opportunity to be involved in the mine’s future and regain an ownership interest.
Its noteholders and lender Dunebridge agreed to provide Mountain Province a six-month suspension of interest and capital repayments to give it time to restructure its balance sheet and pursue new funding.
“If diamond market conditions continue to improve, that funding could support the future exercise of the company’s rights in relation to Gahcho Kué and the continued development of the Kennady diamonds assets,” Comerford said.
The Kennady assets, located near Gahcho Kué, include three kimberlite pipes.
Mountain Province also controls more than 96,000 hectares of prospective mineral claims and leases surrounding Gahcho Kué, including an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.
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