RAPAPORT... Mountain Province Diamonds and De Beers Canada reported that their joint-venture diamond-exploration project, Gahcho Kue, is on schedule and that a 24-month environmental review is nearing completion.
Mountain Province's president, Patrick Evans, noted that all participants in the environmental review are focused on ensuring that the mine meets the highest possible social and environmental standards.
The companies also approved $31.4 million (CAD 31.3 million) in June, 2012 for construction and operating permit applications, front-end engineering and design (FEED), preparations and procurement for the 2013 winter road, detailed engineering, the purchase of critical long-lead equipment and a feasibility study update.
Evans added that an arrangement of its 49 percent share of the Gahcho Kue capital budget, estimated at approximately $300.9 million (CAD 300 million), including working capital, was progressing. The junior company has received multiple proposals for project financing, off-take financing and a variety of other instruments that will enable to meet its capital requirements, he said.
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