Gahcho Kué Joint Venture and North Slave Métis Alliance sign Impact Benefit
YELLOWKNIFE, NT, TORONTO, ON, NEW YORK, NY, July 10, 2013
YELLOWKNIFE, NT, TORONTO, ON, NEW YORK, NY, July 10, 2013 /PRNewswire/ - De
Beers and Mountain Province Diamonds (TSX: MPV, NYSE MKT: MDM) are pleased to
announce that De Beers, as Operator of the Gahcho Kué Project, has entered
into an Impact Benefit Agreement with the North Slave Métis Alliance for the
proposed Gahcho Kué Mine. The agreement sets in place a framework for De
Beers and the North Slave Métis Alliance to optimize the participation of the
North Slave Métis Alliance in the Gahcho Kué Mine through employment, business
opportunities, training and development, and financial benefits.
"This is the first Impact Benefit Agreement to be concluded for the proposed
Gahcho Kué Mine," said Glen Koropchuk, Chief Operating Officer. "The two
negotiating teams worked hard and efficiently to complete this agreement,
which is mutually beneficial and builds on the strong relationship already
established. It incorporates the shared learning we have from our experience
working together over the years at the Snap Lake Mine, which is also operated
by De Beers. The negotiation of further impact benefit agreements is
"This is a good day for the North Slave Métis Alliance," said Bill Enge,
President. "The life of mine Impact Benefit Agreement that we signed with De
Beers for the proposed Gahcho Kué diamond mine ensures the North Slave Métis
people will benefit from this development. We're looking forward to working
with and strengthening our relationship with De Beers. They have a great
track record of working with us with respect to their Snap Lake diamond mine
and we have every reason to believe their Gahcho Kué mine track record will be
The Gahcho Kué diamond mine will have a mine life of approximately eleven
years, will employ up to 700 people during construction and approximately 400
people during operations. It will produce on average 4.5 million carats
annually over its mine life.
About De Beers Group
De Beers Group is a member of the Anglo American plc group. Established in
1888, De Beers is the world's leading diamond company with unrivalled
expertise in the exploration, mining and marketing of diamonds. Together with
its joint venture partners, De Beers employs approximately 16,000 people
across the diamond pipeline, and is the world's largest diamond producer by
value, with mining operations in Botswana, Canada, Namibia and South Africa.
In Canada, De Beers operates the Snap Lake Mine in the Northwest Territories
and the Victor Mine in northern Ontario. De Beers is also a joint venture
partner in the Gahcho Kué Project in the Northwest Territories. For further
information about De Beers visit www.debeersgroup.com.
About Mountain Province Diamonds
Mountain Province Diamonds discovered the first kimberlite at Kennady Lake in
1995 and in 1997 entered into a joint venture agreement with Monopros, a
subsidiary of De Beers. Mountain Province is a 49% participant with De Beers
Canada in the Gahcho Kué JV located in Canada's Northwest Territories. Gahcho
Kué is the world's largest and richest new diamond mine development. A
December 2010 feasibility study filed by Mountain Province (available on
SEDAR) indicates that the Gahcho Kué project has an IRR of 33.9%. Further
information is available at www.mountainprovince.com.
SOURCE Mountain Province Diamonds Inc.
Director, External & Corporate Affairs
De Beers Canada
Tel: (867) 766-7300
President and CEO
Mountain Province Diamonds
Tel: (416) 361-3563
North Slave Métis Alliance
Tel: (867) 873-6762
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