Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) announced that it’s closed its US$370-million term loan facility with a syndicate of lenders.
Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) announced that it’s closed its US$370-million term loan facility with a syndicate of lenders. Closing the facility means the company’s Gahcho Kue diamond project is now funded through to production.
As quoted in the press release:
Closing of the Facility completes the Company’s anticipated funding requirements for the balance of the capital and working capital required for the construction and commissioning of the Gahcho Kué diamond mine and to achieve planned commercial production. Continuing drawdown against the Facility and its maintenance is dependent, from time to time, upon the satisfaction or waiver of certain conditions.
Mountain Province is also pleased to announce that all deliveries of equipment and supplies planned for the 2015 ice road were completed on schedule at the end of March 2015. This clears the way for the completion of major construction of the Gahcho Kué diamond mine. The overall mine development remains on schedule and within budget with first production expected in H2 2016.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. Gahcho Kué is the world’s largest and richest new diamond mine.
The Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 million tonnes grading 1.57 carats per tonne for total diamond content of 55.5 million carats.