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RAPAPORT... Mountain Province Diamonds Inc. closed its $370 million loan facility for the Gahcho Kué diamond mine, with a syndicate of lenders led by Natixis S.A., Scotiabank and Nedbank Ltd., and including ING Capital LLC, Export Development Canada and the Bank of Montreal. The maximum term of the facility is seven years and the interest rate is LIBOR plus 5.5 percent.
The loan has been in the works for the better part of a year and completes the anticipated funding requirements for Gahcho Kué through to production. All equipment and supplies have arrived at the site in preparation for construction. The overall mine development remains on schedule and within budget with first production expected in the second half of 2016, according to the company.
Mountain Province is a 49 percent participant with De Beers Canada in the Gahcho Kué diamond mine, located in Canada's Northwest Territories. Gahcho Kué consists of a cluster of four diamondiferous kimberlites and expects to produce 55.5 million carats over the 12 year life of the mine.
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