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Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) announced that the development of its Gahcho Kue diamond mine is moving forward as planned and on budget.
Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) announced that the development of its Gahcho Kue diamond mine is moving forward as planned and on budget. At the end of May 2015, the overall project was about 62 percent complete.
As quoted in the press release:
Key areas of focus are continued dewatering to expose the kimberlites, the placement of concrete foundations and the erection of steel superstructures of the major facilities. A key milestone is to ensure that the process plant building is enclosed by October 2015.
There are currently approximately 500 employees and contractors on site at Gahcho Kué and this number is expected to peak at approximately 650 during the third quarter of 2015. During production there will be approximately 400 employees at Gahcho Kué. The project Operator, De Beers Canada, maintains a strong focus on a robust safety record with fifteen consecutive months without a lost-time injury
Patrick Evans, president and CEO of Mountain Province, commented:
We’re on track for first production in H2 2016 and are currently making arrangements to be in a position to receive and sell our 49 percent share of diamond production. These arrangements are expected to be in place by the end of 2015.
Click here to read the full Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) press release.