Gahcho Kué, owned by De Beers Canada and Mountain Province Diamonds, is expected to produce around 54 million carats of rough gems over its 12-year lifetime.
On the level of transparency in the approvals process, jurisdictions in the US, Australia and Scandinavia performed better than Canada, a fresh report by the Fraser Institute, shows.
The miner reported a 25% fall in diamond sales during the second cycle of the year, compared with the traditionally stronger first cycle, in line with its expectations.
Both provinces displaced Western Australia from the first to the third place thanks partly to their rich mineral reserves, competitive tax regimes, efficient permitting procedures, and certainty surrounding environmental regulations.
Report by the Mining Association of Canada (MAC) says the country is not in a good position to benefit from the increasing number of companies ready to make new and significant investments.