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Mountain Province prices $330m senior second-lien notes to settle construction debt

By: Henry Lazenby     2nd December 2017 Diamond producer Mountain Province Diamonds has launched a $330-million debt financing to settle its Gahcho Kué project construction loan facility and to repay previously sunk expenses by the mine’s majority owner and operator De Beers Canada. The Toronto-headquartered company is offering senior... 

Gahcho Kué hits 5m carats in less than ten months

By: Henry Lazenby     29th November 2017 The 51%/49% De Beers and Mountain Province Diamonds-owned Gahchu Kué mine produced more than five-million carats of diamonds in the first ten months of 2017. Located in the remote Northwestern Territories of Canada, the mine declared commercial production in March, and is expected to produce an... 

Mountain Province records higher revenues from 9th diamond tender

By: Henry Lazenby     23rd November 2017 The seventh sale of diamonds produced from Mountain Province Diamonds’ 49%-owned Gahcho Kué mine, in Canada’s Northwest Territories, saw the average price of rough stones strengthen, despite a cautious market. The Toronto-headquartered company, which has a 49% stake in the Gahcho Kué mine, in... 

Mountain Province reports Q3 net income of C$27.7m

By: Henry Lazenby     14th November 2017 Mountain Province Diamonds has reported a third-quarter net profit of C$27.7-million, or C$0.17 a share, representing a profit during the first full operating quarter of its 49%-owned Gahcho Kué (GK) mine, in Canada’s Northwest Territories, since declaring commercial production on March 1.... 

Kennady reports maiden 5.02m ct resource for Faraday kimberlites

By: Henry Lazenby     4th October 2017 Explorer Kennady Diamonds has reported a maiden inferred resource for the Faraday kimberlites near the Gahcho Kué mine, in Canada’s Northwest Territories of more than 5.02-million carats. The Toronto-headquartered company, the exploration spinout of Mountain Province Diamonds, on Tuesday reported... 

Stornoway upbeat on possible solution to lower Renard diamond breakage

By: Henry Lazenby     2nd October 2017 Ongoing diamond breakage in the Renard process plant is reducing the proportion of larger diamonds available for sale and dimming revenue prospects for Quebec-focused miner Stornoway Diamond Corp, at a time when market sentiment for Renard’s precious gems is on the rise. However, president, CEO... 

Diamond stocks are crashing this year, but gem prices aren't

By: Bloomberg     2nd October 2017 It’s been a surprisingly ugly year for most diamond companies. Shares of small producers, mainly focused on mines in southern Africa and Canada, have tumbled more than 30 percent during the past year and each company seems to be embroiled in its own mess. 

Mountain Province reports lowest prices yet for Gahcho Kué diamonds

By: Henry Lazenby     19th September 2017 The seventh sale of diamonds produced from Mountain Province Diamonds’ 49%-owned Gahcho Kué mine, in Canada’s Northwest Territories, saw the average price of rough stones fall to the lowest level since sales started in January. The September tender included an unusually large proportion of small... 

Proxy advisers ISS, Glass Lewis support Washington Companies’ $1.2bn Dominion buy

By: Henry Lazenby     9th September 2017 TSX- and NYSE-listed Dominion Diamond Corp announced late on Thursday that proxy advisory firms Institutional Shareholder Services (ISS) and Glass, Lewis & Co have both recommended that Dominion shareholders vote in favour of suitor The Washington Companies’ $1.2-billion acquisition.... 

Washington picks new CEO to run $1.2bn Dominion Diamond

By: Bloomberg     10th August 2017 Montana-billionaire Dennis Washington has hired Patrick Evans to run Dominion Diamond Corp. after he agreed to buy the business for $1.2-billion last month. “We are pleased that Patrick will become CEO of Dominion Diamond Corp. upon closing of the transaction," said Lawrence Simkins, president of... 

A decade since global financial crisis, diamond industry yet to re-test 2011 summer highs

By: Henry Lazenby     19th July 2017 This year marks ten years since the start of the global financial crisis in 2007, an event that shook global markets to the core and precipitated a changed market landscape for many commodities, including diamonds. With this in mind, independent diamond industry analyst and consultant Paul... 

Dominion is said to seek sweeter deal from Montana billionaire

By: Bloomberg     15th July 2017 Canada’s Dominion Diamond Corp is hoping Montana billionaire Dennis Washington will cough up a little more cash to buy the world’s third-largest producer of rough diamonds by value. However, the company – which has put itself on the block twice in the past two years – says there’s no guarantee a... 

Gahcho Kué prices fetch new high at $95/ct

By: Henry Lazenby     28th June 2017 Mountain Province Diamonds has recorded its highest average price to date for diamonds produced at its 49%-owned Gahcho Kué mine, in Canada’s Northwest Territories, as it collected $21.1-million at its June tender sale. The company on Tuesday reported that the fifth tender of rough diamonds from... 

Mountain Province announces immediate departure of CEO Evans

By: Henry Lazenby     9th June 2017 Canadian diamond producer Mountain Province Diamonds on Friday announced that president and CEO Patrick Evans would leave the company with immediate effect, following a mutual decision. The 49%-partner of De Beers Canada’s Gahcho Kué mine, in Canada’s Northwest Territories, appointed lead... 

Gahcho Kué delivers two more large diamonds

By: Henry Lazenby     3rd June 2017 Mountain Province Diamonds has announced the discovery of two large gem-quality diamonds of 84.65 ct and 53.90 ct at the joint venture (JV) Gahcho Kué mine, in April. Mountain Province owns 49% of the mine, with De Beers owning the balance. 

Gahcho Kué receives third major award

By: Creamer Media Reporter      9th March 2017 The Gahcho Kué mine has received its third major award. It won the Viola R MacMillan Award during the Prospectors and Developers Association of Canada Awards Gala earlier this week. 

Mountain Province completes second Gahcho Kué diamond sale

By: Creamer Media Reporter      8th March 2017 TSX- and Nasdaq-listed Mountain Province Diamonds has completed the second sale of diamonds from its Gahcho Kué mine. Some 277 646 ct were sold, while a third sale comprising some 193 900 ct is scheduled for late March. 

Gahcho Kué starts commercial production

By: Anine Kilian     3rd March 2017 Gahcho Kué, the world’s largest new diamond mine in 13 years, has officially started commercial production. The mine, developed in a joint venture between De Beers Group and Mountain Province Diamonds, is expected to produce about 54-million carats of rough diamonds over its mine life. 

Gahcho Kué mine, Canada

By: Sheila Barradas     3rd February 2017 A diamond mine located in Canada's Northwest Territories. 

Kennady Diamonds reports maiden Kelvin kimberlite resource

By: Henry Lazenby     14th December 2016 Explorer Kennady Diamonds has published a maiden resource estimate for the Kelvin kimberlite, located at the company’s 100%-owned Kennady North project, in Canada’s Northwest Territories. The TSX-V-listed company said Monday exploration work to date was sufficient to calculate a compliant... 

Rio’s CEO wants to buy diamonds, but finding them won’t be easy

By: Bloomberg     9th December 2016 Even for the deepest pockets in the mining industry, diamonds are hard to find. Rio Tinto Group CEO Jean-Sebastien Jacques said this week he’s on the hunt for new diamond mines, but with more than half of the industry controlled by just two companies and new discoveries rare, it’s going to be a... 

Anglo American’s Gahcho Kué to provide C$6.7bn boost to Canadian economy

By: Henry Lazenby     9th September 2016 A new report by professional services firm EY has calculated that the world’s largest new diamond mine under construction in Canada’s Northwest Territories (NWT), Gahcho Kué, will provide a C$6.7-billion boost to the Canadian economy. “Diamonds are perhaps one of Canada’s best kept secrets, yet,... 

Anglo American starts production at Canadian Gahcho Kué mine

By: Henry Lazenby     3rd August 2016 Global mining major Anglo American has started production at its Gahcho Kué diamond mine, located in Canada’s Northwest Territories, saying it expects the operation to reach full commercial production early in 2017, the company said on Wednesday. With a total capital price tag of about... 

Two Canadian diamond projects to see first production this quarter

By: Henry Lazenby     18th July 2016 Canada has two diamond projects that are expected to start first production during the current quarter, with De Beers Canada’s Gahcho Kué project, in the Northwest Territories, making commissioning progress and Stornoway Diamond Corp starting with ore processing at the Renard project, in Quebec.... 

Mountain Province marches towards first production at Gahcho Kué

By: Henry Lazenby     20th June 2016 TSX- and Nasdaq-listed Mountain Province Diamonds expects to start diamond production at its flagship Gahcho Kué mine in the Northwest Territories sometime during the third quarter, having mechanically completed the primary crusher and progressing with commissioning activities of the process... 

Construction of Canadian diamond mines progressing apace

By: Henry Lazenby     14th March 2016 Construction of two Canadian diamond mines, De Beers and Mountain Province’s Gahcho Kué, in the Northwest Territory, and Stornoway Diamond Corp’s Renard project, in Quebec, are progressing fast, with both projects being either on target or ahead of schedule. TSX-listed Mountain Province on Monday... 

De Beers mothballs Snap Lake mine

By: Natasha Odendaal     7th December 2015 Diamond group De Beers has idled its Snap Lake mine, in Canada’s Northwest Territories, with immediate effect, as the gains made by the “challenging” orebody failed to offset difficult market conditions. The group would continue environmental monitoring and work required under the mine's permits... 

Gahcho Kué diamond mine construction progressing apace

By: Henry Lazenby     8th July 2015 Construction of the Gahcho Kué project, the world’s largest diamond mine currently under construction, located in Canada’s Northwest Territories, was 62% complete as at the end of May, project developer Mountain Province Diamonds reported on Tuesday. The Gahcho Kué Joint Venture (JV) was a... 

Norton Rose Fulbright advises on $370m financing of world’s largest new diamond project

By: Henry Lazenby     9th April 2015 Global legal practice Norton Rose Fulbright’s teams in London, Ottawa and Toronto have successfully advised a syndicate of Canadian and international lenders on the financing of the Gahcho Kué diamond project, in Canada’s Northwest Territories (NT), which reached financial close on Tuesday. The... 

De Beers inks Gahcho Kué impact benefit agreement with First Nation

By: Henry Lazenby     18th July 2014 The Gahcho Kué Joint Venture (JV) – a collaboration between De Beers Canada (51%) and Mountain Province Diamonds (49%) – on Thursday cleared a significant milestone on the road to develop the eponymous project in Canada’s Northwest Territories after inking an impact benefit agreement (IBA) with... 

NT diamond project gets pioneer land use permit

By: Henry Lazenby     3rd December 2013 From 2003 to 2012, the total payments originating from mining activities made to federal and provincial government coffers totalled about $71-billion, a report published by the Mining Association of Canada (MAC) has found. Released on Tuesday, the yearly report quantified the total mining taxes... 

Canada approves construction of sixth diamond mine

By: Henry Lazenby     22nd October 2013 Joint venture (JV) partners De Beers Canada and Mountain Province Diamonds on Tuesday celebrated the Canadian government’s approval of the development of the C$650-million to C$750-million Gahcho Kué diamond mine, in the Northwest Territories. Fifty-one per cent JV shareholder De Beers and 49%... 

JV inks impact benefit agreement with North Slave Métis Alliance

By: Henry Lazenby     11th July 2013 Diamond major De Beers Canada on Wednesday said it had signed an impact benefit agreement (IBA) with the North Slave Métis Alliance on behalf of its joint venture (JV) partner Mountain Province Diamonds for the Gahcho Kué diamond mine, in the Northwest Territories. The aim of the IBA would be to... 

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