Gahcho Kué diamond mine earnings fall in ‘disappointing’ market for De Beers JV
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.
Gahcho Kué, the largest new diamond mine under development globally, is progressing according to plan and budget with production planned for H2 2016, says Mountain Province Diamonds (TSX:MPV).
“We’re on track for first production in H2 2016. Key areas of focus are contractor productivity and preparation for operational readiness,” says Patrick Evans, Mountain Province President and CEO.
Staffing at Gahcho Kué has peaked at approximately 600 on-site employees and contractors and will now begin to decline in the months ahead as major construction projects are completed. During production there will be approximately 400 employees at Gahcho Kué.
Mountain Province Diamonds estimated that the total capital cost to build the mine is $1.01 billion.
Detailed engineering and procurement are both complete and the process plant and truck maintenance buildings are on track to be enclosed by the end of October.
Tue touts that safety performance at Gahcho Kué remains good with no lost-time injuries over the past 18 months.
Gahcho Kue is located in Canada, 300km NE of Yellowknife.
Image from corporate video by De Beers Canada.
