With traditional markets for rough diamond sales remaining closed, Canadian diamond miner Mountain Province on Monday unveiled a proposed $50-million transaction that will provide it with short-term liquidity.
The 49% participant in the Gahcho Kue mine, in Northwest Territories, is proposing an agreement to sell diamonds to Dunebridge Worldwide, which is owned by Mountain Province shareholder Dermot Desmond.
The transaction with Dunebridge will permit the company to sell its run-of-mine diamonds (below 10.8 ct) at the prevailing market price at the time of each sale.