Mountain Province Diamonds has filed the definitive feasibility study on the Gahcho Kue diamond project in Canada's Northwest Territories, the company announced Tuesday.

According to the report's highlights, a diamond mine built at the site would produce some 49 million carats of rough diamonds over a working life of 11 years. The projected average annual diamond production is 4.45 million, and diamonds from Gahcho Kue are expected to sell for an average per-carat price of $102.48.

Developing Gahcho Kue would require an initial investment of C$549.5 million, working capital of $49.4 million, and sustaining capital – including the diamond mine's eventual closure – of $36.1 million. The diamond project's operating costs per ton of ore would be $48.68.

Mountain Province owns 49% of the Gahcho Kue diamond venture, with De Beers Canada owning the other 51%. Now that the feasibility study stage has been completed, the diamond company is focusing on an environmental assessment, which Mountain Province President and CEO Patrick Evans said would be filed with the Mackenzie Valley Environmental Review Board by the end of 2010.