Mountain Province Diamonds Cedes Control of Gahcho Kué Mine

The deal involves the transfer of the company's 49% participating interest in the Northwest Territories project to De Beers, settling outstanding reclamation payments and other debts. By offloading these obligations, Mountain Province aims to stabilize its balance sheet during a volatile period for the diamond industry, which has been hampered by trade tariffs and geopolitical instability.

Under the terms, De Beers becomes the sole owner of the mine, while Mountain Province secures a six-month reprieve on interest and capital repayments from its other creditors. This window is designed to allow the company to pursue new funding and focus on its remaining assets, including the Kennady diamonds project. Although the company is relinquishing current control, it retains a right of first refusal and an option to repurchase its interest in the mine through December 2029, provided market conditions improve.