Mountain Province Diamonds and De Beers Canada are joint venture partners in the Gahcho Kué mine in Canada’s Northwest Territories. Gahcho Kué is the world's largest new diamond mine. Through its joint venture with De Beers, the Company is well placed to capitalize from the experience of the world's leading international diamond producer. The Gahcho Kué mine is located in Canada, the third largest and politically most stable diamond producing country. Gahcho Kué is projected to produce an average of 4.5 million carats a year (100%) over an initial 12 year life. Production during the first five years (2017-2021) is expected to average 5.4 million carats a year (100%). Mountain Province intends to maximize shareholder value through the optimal operation of the Gahcho Kué mine.

Diamond mines are extremely rare, and the world supply is expected to remain essentially flat over the next few decades as demand increases. New supply is in high demand. Canada is the first country in the developed world to produce and market high quality diamonds, and is benefiting from an increasingly important role in the global market. In 2012, diamond miners (such as ALROSA, De Beers, and Rio Tinto) produced 128 million carats of rough diamonds, valued at US $15 billion. Once out of the ground, the rough diamonds move through the so-called "diamond pipeline," a value chain that runs from dealers to diamond cutters and polishers, to jewely manufacturers, to retail stores, and finally to consumers. The value added along the way is impressive, with US $15 billion in rough diamonds becoming US $24 billion in polished diamonds, which in turn goes into diamond jewelry with a retail value of US $71 billion.