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Mountain Province Names New Chief

Jun 11, 2017 5:39 AM   By Rapaport News
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RAPAPORT... Mountain Province Diamonds has appointed David Whittle as interim CEO to replace Patrick Evans, who has stepped down, the miner announced Thursday.

Evans, who had been CEO of Mountain Province for 11 years, will continue as a director and help the company during a transitional period, the company added.

Whittle (pictured) is currently lead outside director and has 25 years’ experience as a mining executive. He has been a director of Mountain Province since 1997 and was formerly president of its joint-venture partner, Glenmore Highlands, with which the company merged in 2000.

Mountain Province’s stock dived 11% in early trading Friday, before recovering to 4% below the previous day’s closing price. Its share price has drifted downward for the last eight months, with the latest figure 43% lower than its September 23 peak. Initial sales from the company’s Gahcho Kué mine in Canada, which opened in September, yielded weaker prices than the miner had expected, due to Indian demonetization and a large proportion of fluorescent diamonds.

Mountain Province owns 49% of Gahcho Kué in partnership with De Beers, which operates the mine.
Tags: appointments, Canada, David Whittle, De Beers, Demonetization, Gahcho Kué, Glenmore Highlands, India, mining, Patrick Evans, Rapaport News
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