ORIGIN: Canada (NWT)
30 April 2020 3pm
Mountain Province is a Canadian company listed on the TSX with approximately C$250m market capitalization. The Company’s primary asset is its 49% interest in the Gahcho Kué Diamond Mine, a JV with De Beers Canada (51%), who also act as the operator, located 300km northeast of Yellowknife in North West Territories of Canada.
Mountain Province also holds 100% of Kennady Diamonds, an advanced diamond exploration project immediately adjacent to, and surrounding, the Gahcho Kué site, with 3 identified kimberlites with approximately 18.5M carats of diamonds in all resource categories.
Gahcho Kué is the world’s largest new diamond mine and has been in commercial production since April of 2017 with current mine life to 2028, recovering c. 50Mcts of diamonds (100% basis). Gahcho Kué has great potential for mine life extension through discovery and development of additional kimberlites in a highly prospective land package.
The mine is committed to supporting local communities and, specifically, indigenous people. In 2017, almost half of Gahcho Kué Mine's employees were residents of the Northwest Territories, while around a quarter of the workforce were indigenous Northwest Territories residents. Additionally, more than 70 per cent of the mine's spending on construction and operations was with Northwest Territories companies and indigenous businesses.
As part of the mine's plan to create a positive legacy, Northwest Territories companies receive most of Gahcho Kué Mine's spending. This results in more income and jobs, especially within the indigenous community. Contract opportunities cover areas such as labour, wash bay operations, electrical and instrumentation parts, protective equipment, and winter road construction.
Gahcho Kué Mine operates according to an environmental and social agreement with various indigenous parties. Together, the parties are working to protect the environment over the long term and create a vision for sustainable development. The agreement focuses on social responsibilities that include protecting wildlife and the land, encouraging traditional indigenous activities, and managing the mine's impact on the environment.
In an annual fish-tasting event, Elders from communities in the Northwest Territories help Gahcho Kué Mine monitor the health of fish at the nearby Kirk Lake. The event supports the mine's scientific monitoring to ensure the fish remain healthy and safe to eat. In the most recent event, Elders reported the fish tasted good and were typical of trout found in shallow lakes.