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De Beers unit approves consolidation of Kennady assets into Gahcho Kué JV

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De Beers unit approves consolidation of Kennady assets into Gahcho Kué JV

Mountain Province Diamonds Inc. said its Gahcho Kué diamond joint venture partner, De Beers Canada Inc., agreed to incorporate properties owned by Kennady Diamonds Inc. into the venture if Mountain Province's proposed acquisition of Kennady proceeds.

The De Beers SA unit signed the nonbinding memorandum of understanding, saying the planned acquisition of Kennady will open up "potential new options" for the future of the Gahcho Kué mine in Canada's Northwest Territories.

Kennady owns the Kennady North diamond project immediately adjacent to the Gahcho Kué mine. In January, Mountain Province struck a definitive deal to acquire the company in an all-share deal valuing Kennady at about C$176 million.