North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Mountain Province Diamonds Inc. April 7 reported closing a US$370 million term loan facility, which finalizes the company's anticipated funding requirements for the construction and commissioning of the Gahcho Kué diamond mine in Northwest Territories.

Gahcho Kué, a joint venture between De Beers Canada (51 percent) and Mountain Province Diamonds (49 percent), is anticipated to produce 53.4 million carats of diamonds over a 12-year mine-life, according to an updated feasibility study released in 2014.

Mountain Province reports that all deliveries of equipment and supplies planned for the 2015 ice road were completed at the end of March, clearing the way for completion of the mine's major construction activities.

First production at Gahcho Kué is expected in the second half of 2016.