Gahcho Kué mined 14% more stones during this year’s first nine months but sales fell. Credit: Mountain Province Diamonds
Operations at the mine in the Northwest Territories lost C$11 million compared to an income of C$2.7 million in last year’s third quarter, Mountain Province said. Cash costs rose to C$125 per tonne treated versus C$118 per tonne in last year’s period, and increased to C$101 per carat recovered compared to C$78 per carat a year earlier, it said.
The mine located 280 km northeast of Yellowknife is considered one of Canada’s largest diamond producers by volume and is scheduled to operate until at least 2031. It’s unclear how Anglo American’s plans to divest De Beers, which owns 51% of the Gahcho Kué joint venture while Mountain Province holds 49%, will impact the mine. All gem mine operators have been facing difficult markets as expanding synthetic stone adoption and a sluggish Chinese economy lower consumer demand.
The operation sold 679,599 carats during the third quarter for a total of C$69.4 million at an average price of C$102 per carat, the company said. That compared with 478,653 carats sold in third-quarter 2023 at an average price of C$126 per carat.