Production at the Gahcho Kué mine is likely to exceed expectations for 2018 before increasing steadily over the next three years, according to part owner Mountain Province.
The company is confident total output at the Canada asset will be above its upper forecast of 6.6 million carats this year, it said Tuesday the 25th. It will then rise to a range of 6.6 million to 6.9 million carats in each of 2019 and 2020, followed by 6.8 million to 7.1 million carats in 2021.
“Our business plan demonstrates the quality of our core asset and the excellent work that the operations team has carried out over the past year, both in exceeding the targets for the current year, and building a stronger longer-term business plan that should extend the life of mine beyond [the current plan of] 2028,” said Mountain Province CEO Stuart Brown.
Gahcho Kué, a joint venture between Mountain Province and De Beers, came on stream in late 2016. Production was 5.9 million carats in 2017, the first full year of operations. The asset yielded 5.4 million carats in the first nine months of 2018, a 25% increase versus the same period of 2017.