De Beers Canada Inc. (De Beers) and Mountain Province Diamonds (TSX: MPV; NYSE MKT: MDM) are pleased to announce that an Impact Benefit Agreement (IBA) has been entered into with the Deninu Kué First Nation for the proposed Gahcho Kué diamond mine, a joint venture between De Beers (51%) and Mountain Province Diamonds (49%) located 280 km’s northeast of Yellowknife, Northwest Territories. De Beers is the Operator of the Gahcho Kué Project.
The IBA puts in place a framework for De Beers and the Deninu Kué First Nation to work together over the life of the mine to develop economic, environmental and cultural programs with Deninu Kué First Nation members.
“De Beers is committed to sustainable development and through this Agreement the Deninu Kué First Nation members can access new employment, training and business opportunities while ensuring strong environmental and cultural programs,” said Glen Koropchuk, Chief Operating Officer for De Beers in Canada. “We want to thank the negotiating teams on both sides for their hard work in concluding the IBA.”
“On behalf of Deninu Kué First Nation I am extremely pleased to be entering into an Impact Benefit Agreement with De Beers Canada Inc. and Mountain Province Diamonds. This is a historic moment for Deninu Kué First Nation to be acknowledged by the mining industry and a very important step towards a self-sustaining future,” said Chief Louis Balsillie.
Mountain Province CEO Patrick Evans added: “We welcome the signing of the IBA with the Deninu Kué First Nation. This agreement is the final IBA for the Gahcho Kué Project and collectively, these agreements provide a firm foundation for cooperation that will be mutually beneficial and promote the interests of all parties.”
Gahcho Kué will employ close to 700 people during the two years of construction and approximately 400 people during its operational phase.