NORTHWEST TERRITORIES – Toronto-based Mountain Province Diamonds has arranged a senior secured term loan facility of up to US$370M for fund its share of construction at the Gahcho Kué diamond mine 300 km northeast of Yellowknife. Mountain Province is the 49% owner of the project; De Beers Canada is the 51% owner and operator.
Mountain Province has mandated Deutsche Bank AG acting through its London Branch, Natixis SA and Nedbank Ltd. as the lead arrangers to underwrite, arrange and manage the primary syndication of the loan, subject to the satisfaction of certain conditions, including due diligence.
First production from Gahcho Kué is scheduled during the first half of 2016. Three of the four diamondiferous kimberlites on the property have a probable mineral reserve of 34.5 million tonnes grading 1.57 ct/t for a total diamond content of 55.5 million ct. Mountain Province says construction is on schedule.
Visit MountainProvince.com for details of the project. The corporate presentation of July 2014 is particularly interesting.