The De Beers Canada and Mountain Province Diamonds diamond companies have submitted the required Environmental Impact Study for the proposed Gahcho Kue diamond mine, the companies announced last week.

Acting CEO for De Beers Canada Chantal Lavoie called the report's submission "a major milestone" for the Gahcho Kue diamond project.

Mountain Province CEO Patrick Evans said that submitting the study, which provides details about the proposed mine's construction and what measures will be put in place to ensure that the project is environmentally sustainable, is "another step closer to realizing the Gahcho Kue mine as a reality."

If authorized for development, the Gahcho Kue diamond mine will be the fourth to receive a permit in the Northwest Territories and De Beers third diamond mine in Canada.

According to a feasibility study filed earlier in December, Gahcho Kue could produce 49 million carats of rough diamonds over the course of 11 years. Annual diamond production is estimated at 4.45 million carats and diamonds from a mine established at the site are projected to sell for an average price of $102.48 per carat.