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De Beers Eyes Stake in Canada Diamond Project

Miner signs non-binding agreement with Mountain Province to incorporate Kennady assets into Gahcho Kué.
Mar 18, 2018 9:33 AM   By Rapaport News
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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
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