Canadian miner Mountain Province Diamonds achieved record-breaking production at its Gahcho Kué mine in 2024, despite facing significant challenges in the global diamond market.
“2024 was a year of production records and cost control, overlaid with a challenging diamond price environment,” CEO Mark Wall stated on Thursday.
The company struggled with a down-cycle in the diamond market, with its average annual realized price dropping to $98 per carat—a sharp decline from $121 per carat in 2023.
Mountain Province sold approximately 2.7 million carats from its Northwest Territories mine, generating C$267.7 million in revenue.
This figure marked a decrease from the C$328.6 million earned in 2023, despite selling a similar volume of diamonds.
Amid market challenges, Mountain Province set new operational benchmarks at Gahcho Kué. The mine produced 4.66 million carats in 2024, reaching the upper end of its guidance range of 4.2 million to 4.7 million carats.
This achievement followed the completion of a multi-year project to stabilize and enhance the processing plant, which began in late 2022 and concluded at the end of 2023.
The processing plant treated a record 3.63 million tonnes of ore in 2024, significantly surpassing previous years’ performance.
By comparison, the plant processed 3.08 million tonnes in 2021, 3.1 million tonnes in 2022, and 3.25 million tonnes in 2023.
“The higher throughput rate in the processing plant helped offset lower-than-expected ore grades in the second quarter of 2024, ensuring we remained within our production guidance,” Wall added.
Lower ore grades in March, April, and May of 2024 temporarily impacted production but were mitigated by the plant’s enhanced efficiency.
Total mined tonnes decreased year-on-year, falling from 9.8 million tonnes in 2023 to 8.99 million tonnes in 2024.
This reduction was largely due to geotechnical challenges and the completion of pit bottom mining at the 5034 and Hearne open pits. Both pits were fully mined out during the year, prompting a shift in focus to other mining areas.
Looking ahead, Mountain Province aims to leverage its operational efficiencies and cost controls to navigate the ongoing volatility in diamond pricing.
Despite the current market headwinds, the company remains committed to maintaining strong operational performance.
