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Update: Mountain Province Diamonds Attracts Scotiabank And Earns Credit Approval

Mountain Province Diamonds (NASDAQ: [[MDM]]) is a Canada-based diamond company focused on developing its Gahcho Kué diamond project in the Northwest Territories, Canada. Over 50% of the project's construction activities are complete, and the company remains on budget and schedule for first production in the second half of next year. Mountain Province recently received credit approval for the $370 million term loan to finance the capex required to construct the diamond mine. This positive development reduces financial risk, and increases investor sentiment that big banks are endorsing the project. We remain bullish on Mountain Province's outlook, and reiterate our 12-mos $8.00 per share price target.

Mountain Province holds a 49% stake in the Gahcho Kué diamond project, with De Beers owning the remainder. Construction work at the Gahcho Kué diamond project started in Dec. 2013 after issuing the land use permit, and quarry permit earlier that month. Construction competition now… Read More …