Pat: Could you give me your opinion on Mountain Province Diamonds? I presently own this stock and am wondering if I should continue to hold or sell. Thanks.
Mountain Province Diamonds, $5.22, symbol MPV on Toronto (Shares outstanding: 100.5 million; Market cap: $526.6 million; www.mountainprovince.com), holds 49% of the Gahcho Kue joint venture in Canada’s Northwest Territories. De Beers Canada owns the other 51%.
Gahcho Kue consists of a cluster of four kimberlites, three of which have a combined probable mineral reserve of 31.3 million tonnes grading 1.57 carats per tonne, for a total diamond content of 49 million carats.
Kimberlite is solidified magma that flows to the surface from deep within the earth’s mantle. Millions of years ago, the molten magma’s flow acted like an elevator, lifting diamonds from deep below the surface.
The partners aim to make Gahcho Kue the Northwest Territories’ fourth diamond mine. They have completed a positive feasibility study that envisions production of 4.3 million carats annually over 12 years.
The project is now in the final stages of permitting, and De Beers Canada and Mountain Province have started preparing the site for a mine. They plan…
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