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De Beers Gets Canada Approval for Gahcho Kue Diamond Mine

Oct. 22 (Bloomberg) -- Canada approved the development of the Gahcho Kue diamond mine in Northwest Territories, a joint venture between De Beers and Mountain Province Diamonds Inc.

Development was approved by Bernard Valcourt, minister of aboriginal affairs and northern development, Toronto-based Mountain Province said today in a statement. The move allows the Mackenzie Valley Land and Water Board to start processing applications for water and land-use permits, the company said.

Located 280 kilometers (174 miles) northeast of Yellowknife, the capital of Northwest Territories, Gahcho Kue is 49 percent owned by Mountain Province and 51 percent owned by De Beers, a unit of London-based Anglo American Plc.

“Gahcho Kue remains one of the best undeveloped diamond projects worldwide,” Edward Sterck, a London-based analyst for Bank of Montreal, wrote in a Sept. 9 note to clients. De Beers may buy Mountain Province to increase its ownership, he said.

Mountain Province rose 0.6 percent to C$5.05 in Toronto.

To contact the reporter on this story: Gerrit De Vynck in Toronto at gdevynck@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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