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RAPAPORT... Mountain Province Diamonds Inc. selected three banking institutions to arrange and underwrite a senior secured term loan facility of up to $370 million to fund the company's share of construction costs at the Gahcho Kué diamond mine located in Canada's Northwest Territories. Mountain Province holds a 49 percent stake in Gahcho Kué, while De Beers Canada Inc.'s share is 51 percent.
Mountain Province mandated Deutsche Bank A.G., acting through its London Branch, Natixis S.A. and Nedbank Limited as the lead arrangers to underwrite, arrange and manage the primary syndication of the credit facility, subject to the satisfaction of certain conditions. At the end of June 2014, Gahcho Kue was progressing according to plan and remained on schedule for its first production at some point during the second half of 2016, according to the partners. Mountain Province is currently funding its share of capital with equity and has arranged sufficient equity to fund planned capital commitments through to the end of 2014. 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.
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