De Beers, Mountain Province Await Gahcho Kue Decision

CBC News reported that today a Northwest Territories board is expected to release its recommendations regarding De Beers’ Gahcho Kue diamond project; along with Mountain Province Diamonds Inc. (NYSEMKT:MDM), De Beers wants to build an open-pit mine at Kennady Lake.

As quoted in the market news:

With both Ekati and Diavik winding down their mine lives, the NWT/Nunavut Chamber of Mines says now is the time to begin work on a new diamond mine.

“We need to have project in the queue that can start to take the place of the ones that close,” said Tom Hoefer. “We need to be starting now.”

Gahcho Kue would be a smaller mine with a shorter lifespan.

To get at the diamonds, De Beers and Mountain Province Diamonds propose to drain the southern part of Kennady Lake.

Click here to read the full CBC News report.