Advanced Search

De Beers Eyes Stake in Canada Diamond Project

Mar 18, 2018 9:33 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... De Beers and Mountain Province have signed a non-binding agreement that opens the door to the two miners having shared ownership of the Kennady Diamonds project in Canada.

The two companies are currently partners in the Gahcho Kué mine, with De Beers holding 51% and Mountain Province owning the remaining 49%. The memorandum of understanding (MoU) recognizes the possibility for Mountain Province to incorporate its recently acquired Kennady Diamonds exploration properties into the existing Gahcho Kué project, the companies said in statements Friday.

“We have been very pleased with the progress of our partnership with Mountain Province in the Gahcho Kué mine,” De Beers Canada CEO Kim Truter said. “Their proposed acquisition of Kennady Diamonds opens up some potential new options for the operation’s future.”

In January, Mountain Province announced it would reacquire Kennady after a five-year separation, with CEO David Whittle stating the assets would strongly compliment Gahcho Kué. The two projects are adjacent.

The MoU is dependent on Mountain Province gaining the necessary approval for the Kennady takeover.
Tags: David Whittle, De Beers, Gahcho Kué, kennady, Kennady Diamonds, Kim Truter, memorandum of understanding, miners, MoU, mountain province, Rapaport News
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.