US EditionPause at N.W.T. Diamond Mine Amid Weak Market ‘Serious News,’ Industry Minister Says
The pause responds to weak global diamond prices and higher costs while preserving 2026 production; De Beers joint-venture payment of $38.8 million is due in March.
- In a Monday corporate update, Mountain Province Diamonds, which owns 49 per cent of the Gahcho Kué diamond mine in a joint venture with De Beers, announced the pause of Tuzo Phase 3 development.
- Citing weak markets, the partners said ongoing weakness in global diamond markets with lower prices and higher costs prompted the pause, while officials noted growing economic risks for the N.W.T. diamond sector.
- Mountain Province Diamonds said it has received joint-venture funding notices from De Beers of about $49 million, with roughly $38.8 million due March 17, expects sales to cover this, and will not appoint a new CEO to sustain 2026 production.
- N.W.T. Industry Minister Caitlin Cleveland said the decision is "serious news" for the territory, pledging the Government of the Northwest Territories will support workers and local businesses and expects employers to meet labour-standards obligations.
- Territorial officials warned the pause shows the danger of reliance on one sector and urged more projects in regions and commodities to protect the N.W.T. economy.
16 Articles
16 Articles
Pause at NWT Diamond Mine Amid Weak Market ‘Serious News,’ Industry Minister Says
De Beers Canada and Mountain Province Diamonds have paused a project at the mine they jointly own in the Northwest Territories. Mountain Province says the Tuzo Phase 3 project at the Gahcho Kué mine has demonstrated strong potential, but the partners have decided to take a measured approach to development because of current market conditions. The growing popularity of lab-grown diamonds has caused prices to plummet for raw diamonds, like those D…
Winnipeg Free Press
Pause at N.W.T. diamond mine amid weak market 'serious news,' industry minister says
Breaking News, Sports, Manitoba, Canada
N.W.T. gov't raises concern after Gahcho Kué expansion pause
Citing a diamond market slump, a joint-venture partner in the N.W.T.'s Gahcho Kué diamond mine has announced it will scale back development at the mine. Mountain Province Diamonds and De Beers have paused the Tuzo Phase 3 expansion, and to further save money, will not appoint a new CEO following the departure of its current one.
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