Gahcho Kué co-owner reports about $280M net loss in 2025 | CBC News
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Mountain Province Diamonds, a co-owner of the Gahcho Kué diamond mine, reported a net loss of $279.5 million in 2025.
Mountain Province Diamonds has a 49 per cent stake in Gahcho Kué, its only operating mine. De Beers is its partner in the joint venture, holding the remaining 51 per cent and acting as the mine’s operator.
Mountain Province Diamonds is also the sole owner of a diamond exploration project in Gahcho Kué’s surrounding area.
Mountain Province Diamonds CEO Jonathan Comerford said he expected 2025 to be a “challenging” year for the company in terms of production.
He attributed the challenges to processing lower-grade ore for most of the year as operations moved forward to access higher grade ore.
Citing weak market conditions, Mountain Province Diamonds announced in February that plans for an expansion at Gahcho Kué were on hold to save on costs.
Shortly after, De Beers confirmed that layoffs for around five per cent of the mine’s employees were underway.
On March 23rd, De Beers confirmed to CBC in an e-mail that there were no further updates on possible layoffs. CBC reached out again on Thursday but did not hear back by deadline.
Mountain Province Diamonds reports its sales revenue plunged from about $268 million in 2024 to around $156 million in 2025.
The diamond market “deteriorated significantly, particularly in the smaller and lower priced categories of goods where the mine produces significant quantities” last year and into 2026, Comerford said in the release.
Mountain Province Diamonds shared on March 17 that a lender had extended the repayment date on a $55.6 million loan and a $45.9 million working capital facility.
This kind of loan extension is commonly referred to as a bridge extension, said Carlos da Costa, an adjunct professor of finance at the University of British Columbia who teaches mine finance.
It is “consistent with distress-driven credit management practices, particularly in volatile commodity sectors like diamonds,” he said in an email to CBC.
The company’s news release showed “material financial distress, but not yet an irreversible insolvency scenario” where outcomes remain uncertain, he said.
Mountain Province Diamonds did not respond to a request for an interview by deadline.