Full steam ahead: De Beers Gahcho Kue diamond mine set for full production early 2017
The Canadian Gahcho Kue diamond mine is expected to reach full commercial production early next year, mining giant Anglo American has announced.
The mine, located in Canada’s Northwest Territories, is expected to reach an output of 4.5million carats per year over its 13 year mine life.
"Starting the ramp-up to production at Gahcho Kue - on time, on budget and in a challenging environment - is a remarkable achievement," De Beers Chief Executive Bruce Cleaver said in a statement.
Gahcho Kue, a £750.8million project, is owned by both De Beers, with a 51 percent stake and Mountain Province Diamonds. Anglo American has an 85 percent stake in De Beers.
The mine will officially open in September, but initial diamond production began in June this year.
“Now that production has commenced, investor focus likely will turn to the first diamond tender and initial realised prices," Sterck wrote. "New mine production generally takes some time to establish itself in the market ... thus, there is some pricing risk around the first tender."
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