04:28 PM EDT, 06/25/2024 (MT Newswires) -- De Beers Group and Mountain Province Diamonds ( MPVDF ) after trade Tuesday said their joint venture Gahcho Kue mine has surpassed $2 billion of procurement spend with businesses in the Northwest Territories (NWT) since construction of the mine started in 2015.

According to a statement, the milestone represents 61% of the total $3.2 billion spent on procurement for Gahcho Kue since 2015, in line with the miners' commitment to procure at least 60% of the goods and services required to build and operate the mine from companies located in the NWT.

Tuesday's statement noted NWT and Indigenous businesses provide a wide range of goods and services to Gahcho Kue, including welding, transportation logistics, trucking support, passenger and cargo flights, labor services and camp catering.

Mark Wall, chief executive of Mountain Province Diamonds ( MPVDF ), noted Gahcho Kue recorded its highest ever level of spending with NWT businesses in 2023.

According to the NWT Bureau of Statistics, diamond mining is the largest contributor to the NWT's gross domestic product, representing $588 million of the territory's $4.25 billion GDP in 2023.

MPVD eased $0.02 to $0.17 today on the Toronto Stock Exchange, amid losses for the broader stock market.