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Mountain Province Appoints Banks for $370M Facility

Jul 28, 2014 1:40 PM   By Jeff Miller
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RAPAPORT... Mountain Province Diamonds Inc. selected three banking institutions  to arrange and underwrite a senior secured term loan facility of up to $370 million  to fund the company's share of  construction costs at the Gahcho Kué diamond mine located in Canada's Northwest Territories. Mountain Province holds a 49 percent stake in Gahcho Kué, while  De Beers Canada Inc.'s share is 51 percent.

Mountain Province  mandated Deutsche Bank A.G., acting through its London Branch, Natixis S.A. and Nedbank Limited as the lead arrangers  to underwrite, arrange and manage the primary syndication of the credit facility, subject to the satisfaction of certain conditions.

At the end of June 2014, Gahcho Kue was progressing according to plan and remained on schedule for its first production at some point during the second half of  2016, according to the partners. Mountain Province is currently funding its share of capital with equity and has arranged sufficient equity to fund planned capital commitments through to the end of 2014.

The Gahcho Kué project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 million tonnes grading 1.57 carats per tonne for total diamond content of 55.5 million carats.

 

Tags: Debt, Diamond mining, financing, Jeff Miller, loans, mountain province
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