As in previous years, De Beers has allocated $35 million to diamond explorations and, in an effort to improve the rate of discoveries, will be implementing new technology. Mining companies have cut exploratory spending due to the 2015 slump in commodity prices, as well as the widening gap between expenditure and the value of resources found, as the best quality ores are reportedly depleted. "Our exploration spend this year is likely to be in line with last year's, around $35 million,” said De Beers.
Mountain Province Diamonds Inc. announced their production results from the Gahcho Kué Diamond Mine for the fourth quarter which ended on December 31, 2016, the mine is a joint venture with De Beers (51%), located in Canada's Northwest Territories. In addition, they announced the completion of their first diamond sale held between January 16 and 25 in Antwerp, Belgium.
De Beers and Anglo American report that rough diamond production for Q4 2016 increased by 10 percent to 7.8 million carats compared with Q4 2015 (7.1 Mct) when production was reduced in response to trading conditions. The company highlights that the increase reflected the ramp-up of Gahcho Kué Mine in Canada, the joint venture between De Beers (51%), which is also the operator, and Mountain Province Diamonds. Rough production surged 24% from Q3 2016 (6.3 million carats) to Q4 2016 (7.8 Mct).
Mountain Province Diamonds, a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories - said to be the largest and richest of all new diamond mines with anticipated annual production of 4.5 million carats - has announced that Borsheims Fine Jewelry president and CEO Karen Goracke has joined their board. Ms. Goracke is President and CEO of Borsheims Fine Jewelry, a Berkshire Hathaway company. She began her career at Borsheims in 1988 as a Sales Associate, but soon was promoted.
Mountain Province Diamonds has issued a "Production Report" for Q3 ended 30 September 2016, stating, "Ramp-up production at Gahcho Kué commenced on August 1, 2016 ...
With the diamond industry - Canada's in particular - and news media awash with the big story of the official opening of De Beers'/Mountain Province's giant new diamond mine in the NWT, Gahcho Kué (the world’s largest new diamond mine in the last 13 years which is expected to produce approximately 54 million carats of rough diamonds over its lifetime),
"Just over two decades in the making, Canada's newest diamond mine is set to officially open Tuesday (September 20) in the N.W.T. at a ceremony involving Indigenous leaders, mining and territorial officials," writes Kate Kyle for CBC News. The mine came online and starting producing diamonds last month, with its first commercial production set for the first quarter of 2017, and is estimated to be one of the 10 biggest diamond mines in the world, project to deliver 4.5 million carats annually over a 12-year life span.
According to a De Beers' press release, Gahcho Kué, the world’s largest new diamond mine under construction, "Will provide a $5.2 billion (C$6.7 billion) boost to the Canadian economy" according to the 'De Beers in Canada Socio-Economic Impact Report'. The report details the important economic contribution De Beers activities have made over the last half century and continue to make today. "The new mine, located in the Northwest Territories (NWT), is a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%).
Anglo American has announced the commissioning of De Beers' (51%) and Mountain Province Diamonds' (49%) Gahcho Kué diamond mine in the Northwest Territories of Canada. Gahcho Kué - the world's largest new diamond mine - is expected to reach full commercial production in Q1 2017, producing an average of 4.5 million carats per year over its anticipated 13-year life.
De Beers officially opened its new Canadian headquarters in Calgary on Wednesday after relocating from Toronto as it prepares to open what it calls the biggest diamond mine under construction in the world, writes the Winnepeg Free Press. Kim Truter, the CEO of De Beers Canada, said the company weighed where it was best to locate its office with two mines north of Yellowknife, one in Ontario and exploration activities across the country. "We looked at a lot of options because we had to look at our centre of gravity in relation to where our operations were," said Truter.
In an interview with Rapaport, Canadian diamond miner Mountain Province’s CEO Patrick Evans states that the company believes production at Gahcho Kué, is expected to start up in July and reach full capacity in eight months. The company hopes to plan a first sale in Antwerp, as early as September, via open tender handled by Antwerp tendering partner Bonas.
Kennady Diamonds Inc. says it has discovered a third kimberlite body at the high-grade Faraday kimberlite cluster following exploration drilling at the Kennady North project. Kennady Diamonds President and CEO, Patrick Evans, commented: “Faraday 3 is the fourth kimberlite body that we have discovered at Kennady North over the past three years.
Mountain Province Diamonds issued an announcement confirming that development of the Gahcho Kué diamond mine, which is a joint project with De Beers Canada located in Canada's Northwest Territories, is progressing according to plan and on budget, with the overall project more than 80% complete and on track for first production during the second half of 2016. Mountain Province President and CEO Patrick Evans says, "We continue to make excellent progress at Gahcho Kué.