Mountain Province has secured a $20 million loan from its majority shareholder, Dunebridge Worldwide, to sustain operations and settle outstanding debts with joint-venture partner De Beers.
The loan aims to offset losses caused by weak diamond demand, which has driven prices down and placed the company under financial strain.
This funding is part of a broader refinancing effort after Mountain Province recently disclosed difficulties in meeting both immediate and near-term obligations, including payments to lien holders and De Beers.
De Beers holds a 51% stake in the Gahcho Kué mine in Canada, with Mountain Province owning the remaining 49%.
Additionally, the company’s debt holders have agreed to extend the repayment deadline for its $177 million revolving loan from December 2025 to December 2027.
“These transactions address the reclamation liabilities owed to De Beers as the Gahcho Kué mine operator, provide immediate capital to cover the 2025 cash flow deficit, and extend the term of the second lien notes,” said Mountain Province CEO Mark Wall.
