De Beers Group announced that it has signed a non-binding Memorandum of Understanding (MoU) with its partner in the Gahcho Kué mine, Mountain Province Diamonds Inc. (Mountain Province).

The MoU contemplates incorporating properties owned by Kennady Diamonds Inc. (Kennady Diamonds) into the Gahcho Kué joint venture, in the event that Mountain Province’s proposed acquisition of Kennady Diamonds is approved. Mountain Province and De Beers will now work towards a definitive agreement based on the MoU.

Kim Truter, Chief Executive – Canada, De Beers Group, said: “We have been very pleased with the progress of our partnership with Mountain Province in the Gahcho Kué mine. Their proposed acquisition of Kennady Diamonds opens up some potential new options for the operation’s future, and while further work would be required on the resource and there would need to be agreement on commercial terms, the signing of this non-binding MoU makes sense for both parties as we consider how our partnership might develop.”