Mountain Province Diamonds Inc. reports operating and financial developments tied to its 49% participation with De Beers in the Gahcho Kué diamond mine in Canada’s Northwest Territories. Company news commonly covers mine production, diamond recoveries, sales volumes, realized rough-diamond pricing, and market conditions affecting smaller and lower-priced goods.
Updates also address the Gahcho Kué joint venture, the Tuzo Phase 3 project, mineral claims and leases surrounding the mine, credit facility amendments, receivable sales, cash call matters, earnings releases, and governance changes. The recurring themes reflect a diamond producer managing mine operations, rough-diamond sales, liquidity, and joint venture obligations during a difficult diamond market.
Mountain Province Diamonds (TSX and OTCQX: MPVD) held its 2020 Annual General & Special Meeting on September 9, 2020, where all nominees listed in the management proxy circular were elected as directors. Notable votes included Jonathan Comerford with 97.54% support and Tom Peregoodoff with 96.54%. Additionally, KPMG LLP was re-appointed as the company’s auditor and the Long Term Equity Incentive Plan was re-approved by shareholders. The company operates the Gahcho Kué diamond mine, holding a 49% interest in the venture alongside De Beers.
TSX and OTCQX: MPVD
Mountain Province Diamonds Inc. announced a special shareholders meeting on September 29, 2020, with a record date of August 26, 2020. The meeting aims to approve two related party transactions designed to strengthen the company's financial position amid COVID-19 challenges. Key proposals include an assignment of US$25,000,000 in indebtedness to Dermot Desmond and increasing the sales capacity under a diamond sales agreement from US$50,000,000 to US$100,000,000. Both actions are crucial for Mountain Province's financial stability.