De Beers Canada Inc. will take full ownership of the Gahcho Kué diamond mine in Canada's Northwest Territories, after joint-venture partner Mountain Province Diamonds agreed to transfer its remaining 49% stake to De Beers under a restructuring agreement announced on 1st October 2026. The deal settles Mountain Province's outstanding debts and environmental obligations tied to the mine, bringing De Beers' ownership to 100%.
A Restructuring That Resolves Debts and Preserves Future Rights
Under the agreement, De Beers acquires the 49% interest previously held by a Mountain Province subsidiary, resolving all reclamation payments and debts Mountain Province owed De Beers under their existing joint-venture and security agreements. The restructuring unconditionally releases Mountain Province and its subsidiaries from all outstanding indebtedness and obligations connected to the joint venture.
Despite relinquishing operational control, Mountain Province has secured provisions for potential future involvement, holding both a right of first offer and right of first refusal should De Beers ever decide to sell the asset. Jonathan Comerford, President and CEO of Mountain Province, said the agreement removes all liabilities, provides greater certainty for the employees and communities connected to Gahcho Kué, and preserves rights that would allow Mountain Province to participate in the mine's future again.
Mine Status and Mountain Province's Remaining Assets
Gahcho Kué is currently the last producing diamond mine in Canada, following the closure of Rio Tinto's Diavik mine in March and the Ekati mine's solvency filing in spring 2026
Mountain Province will continue to control more than 96,000 hectares of mineral claims and leases surrounding the mine, including resources for the Kelvin and Faraday kimberlites, which could be developed if market conditions improve
Mountain Province's financial difficulties have built up amid an ongoing slump in diamond prices and demand, and the company paused plans for the Tuzo Phase 3 expansion at Gahcho Kué due to market conditions
The company was earlier delisted from the Toronto Stock Exchange in July 2026 as part of its financial troubles
Gahcho Kué is also De Beers' sole non-African mine, and De Beers has indicated the mine could close by 2028 or earlier, depending on natural diamond price trends
The transaction marks the end of Mountain Province's decade-long role as operational partner in one of Canada's most significant diamond projects, while consolidating full control of the country's last active diamond mine under De Beers.