Mountain Province Diamonds has outlined a series of operational and financial developments affecting the Gahcho Kué mine in the Northwest Territories, including a pause to the Tuzo Phase 3 project and significant joint‑venture payment obligations.

The updates were released as part of a broader corporate statement that also announced leadership changes at the company.

Mountain Province, which holds a 49 per cent interest in the mine alongside De Beers’ 51 per cent, said the partners agreed to halt work on Tuzo Phase 3 after reviewing the project’s economics in the current market environment.

 The company said the project has strong long‑term potential, but market conditions led to a measured approach to further development. The pause is not expected to affect 2026 carat production or sales, as mining continues to focus on the high‑grade NEX pipe.

The update also detailed three in-kind election notices received from De Beers, totalling about $49.2 million under the joint‑venture agreement.

While the notices do not constitute a default, failure to pay within 60 days could trigger a formal default under the agreement and cross‑defaults under other secured debt. The first payment of roughly $38.8 million is due March 17, with subsequent weekly amounts to follow.

Mountain Province said it expects scheduled diamond sales to cover the initial payment.

Board chair Jonathan Comerford has been appointed acting president and CEO as part of cost‑saving measures.

This news follows the Diavik diamond mine’s scheduled March shutdown and the Ekati diamond mine securing a $115-million loan in late 2025.