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Mountain Province Diamonds signs non-binding MoU with De Beers

Published by , Assistant Editor
Global Mining Review,

Canadian diamond mining company, Mountain Province Diamonds Inc. has penned a non-binding memorandum of understanding (MoU) with De Beers Canada Inc. (De Beers), its partner in the Gahcho Kué mine.

In the event that Mountain province’s proposed acquisition of Kennady Diamonds is approved, the MoU considers incorporating properties owned by Kennady Diamonds Inc. (Kennady Diamonds) into the Gahcho Kué joint venture (JV).

Mountain Province and De Beers will now work towards a definitive agreement based on the MoU. Chief Executive of De Beers Group Canada, Kim Truter, said: “We have been very pleased with the progress of our partnership with Mountain Province in the Gahcho Kué mine. Their proposed acquisition of Kennady Diamonds opens up some potential new options for the operation’s future, and while further work would be required on the resource and there would need to be agreement on commercial terms, the signing of this non-binding MoU makes sense for both parties as we consider how our partnership might develop.”

Interim President and CEO of Mountain Province, David Whittle, said: “The start-up of the Gahcho Kué mine under De Beers’ operatorship has been a clear success, and the positive working relationship that exists between the JV partners is a key component of that success. Mountain Province firmly believes that the proposed Kennady Diamonds transaction can add significant project value through the potential to access Kennady Diamond’s kimberlite resources. We look forward to working with De Beers in the effort to develop a plan to integrate the Kennady Diamonds resources into the Gahcho Kué project.”

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