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Topic

Mountain Province welcomes former De Beers CFO as new CEO

By: Henry Lazenby     15th May 2018 Canadian diamond producer Mountain Province Diamonds has appointed Stuart Brown as incoming president and CEO, effective from July 1, to replace interim president and CEO David Whittle, who took the helm following the immediate departure of former president and CEO Patrick Evans in June last... 

De Beers reports significant increase in diamond production

By: Rebecca Campbell     4th May 2018 Diamond group De Beers has reported that its total production had increased by 15% to 8.5-million carats during the first quarter of this year (1Q18). This rise in output was largely credited by the Group to the ramp-up in production at the Gahcho Kué project in Canada and greater production at... 

De Beers reports rise in Q1 output

By: Rebecca Campbell     24th April 2018 Diamond group De Beers reported on Tuesday that its total production had increased by 15% to 8.5-million carats during the first quarter of this year (1Q18). This rise in output was largely credited by the Group to the ramp-up in production at the Gahcho Kué project in Canada and greater... 

Mountain Province, Kennady shareholders overwhelmingly vote in favour of merger

By: Henry Lazenby     10th April 2018 Overwhelming majorities of Mountain Province Diamonds and Kennady Diamonds shareholders have approved the proposed merger of the companies. TSX- and Nasdaq-listed Mountain Province said that about 93% of the shareholders present in person or represented by proxy at the shareholder meeting on... 

Gahcho Kué flexes cash flow muscle

By: Henry Lazenby     27th March 2018 The Gahcho Kué diamond mine, in Canada’s Northwest Territories, has demonstrated strong cash flow generating capabilities over the operation’s first two commercially active financial quarters. Toronto-based miner Mountain Province Diamonds on Monday stressed that 2017 was a milestone year for the... 

Mountain Province, De Beers consider incorporating Kennady assets into Gahcho Kué JV

By: Simone Liedtke     19th March 2018 TSX-listed Mountain Province Diamonds has signed a nonbinding memorandum of understanding (MoU) with De Beers Canada, its partner in the Gahcho Kué mine, to potentially incorporate properties owned by Kennady Diamonds into the Gahcho Kué joint venture (JV). Mountain Province is acquiring Kennady,... 

Mountain Province's diamond sales start the year on a high note

By: Henry Lazenby     14th February 2018 Mountain Province Diamonds' first diamond tender of the year broke all records in terms of revenue and customer activity. The TSX- and Nasdaq-listed company said the sale of 351 000 ct of rough diamonds has resulted in Mountain Province's highest revenue result to date, with total sale proceeds... 

Kennady embarks on 2018 winter drilling campaign

By: Henry Lazenby     5th February 2018 Takeover target Kennady Diamonds has started work on a 10 500 m 2018 winter drilling campaign at the Kennady North diamond project,  in Canada's Northwest Territories. Subject to a friendly C$176-million takeover offer by TSX- and Nasdaq-listed diamond producer Mountain Province Diamonds that was... 

Mountain Province to buy exploration-spinout Kennady Diamonds for C$176m

By: Henry Lazenby     30th January 2018 TSX- and Nasdaq-listed diamond producer Mountain Province Diamonds has signed a definitive arrangement agreement whereby it will buy its exploration spinout Kennady Diamonds in an all-scrip deal worth about C$176-million, the companies announced on Monday. News of the transaction buoyed Kennady's... 

Mountain Province prices plunge on finer rough diamonds sold

By: Henry Lazenby     6th January 2018 The value per carat realised at the tenth tender sale of diamonds produced at Mountain Province Diamonds’ 49%-owned Gahcho Kué mine, in Canada’s Northwest Territories, has fallen to the lowest level since sales started 12 months ago. The TSX- and Nasdaq-listed company recorded sale proceeds of... 

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... 

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