Christopher De Sousa • Wed, Oct. 1
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Mountain Province Diamonds Is Now Fully Permitted; Arranges C$100 Million In Equity FinancingChristopher De Sousa • Wed, Oct. 1
- Mountain Province de-risks Gahcho Kué with permit approval.
- The company now needs to finalize its $370 million debt package.
- Mountain Province plans to raise C$100 million in an equity offering.
- We reiterate our 12-month target price of $8.30 per share.
- Mountain Province's Gahcho Kué diamond project could generate $4.1 billion in net operating margin for the 12-year mine life.
- The presence of large diamonds within the reserve improves the longer-term financial outlook.
- Shares are trading at a 39% discount to our 12-month target price of $8.30.
- The Gahcho Kué mine expects to produce the highest diamond revenues and margins compared to new diamond mines from industry peers.
- Mountain Province estimates to generate strong cash flows, and pay a 10% dividend to shareholders within the next five years.
- Industry experts forecast diamond demand to outstrip supply for the next 10 years, giving earnings upside for the company as diamond prices surge.
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Dec. 3, 2013, 3:46 PM
- De Beers Canada and Mountain Province Diamonds (MDM +8.9%) say the Mackenzie Valley Land and Water Board approved a pioneer land use permit for the Gahcho Kue diamond mine, which will allow land-based site works to begin in preparation for deliveries planned for the 2014 winter road season.
- Gahcho Kue is expected to mine ~31M metric tons of ore containing ~49M carats.
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