Mountain Province Diamonds arranges $370 million loan for building Gahcho Kue diamond mine

Mountain Province Diamonds (NYSEMKT:MPV) arranged a term loan facility of up to US$370 million to fund the construction cost of the Gahcho Kué diamond mine located in Canada’s Northwest Territories.

Deutsche Bank A.G. and Nedbank Limited as the lead arrangers.

The company traded up 7.85% in the past five days to $5.22 a share. The 52 week low and high is $4.46 to $5.58.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué JV located at Kennady Lake in Canada's Northwest Territories. 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.

The Gaucho Kue proposed diamond mine is located 300 km NE of Yellowknife.