Arctic Canadian Diamond Company has appointed former Northwest Territories (NWT) mining minister Wally Schumann as its senior adviser on aboriginal and northern affairs.“[Schumann] joins the company at a very exciting time, as we embark on the next stage of our journey with Ekati, and.
Yesterday
15 march 2021 (diamonds.net) - The new owners of the Ekati mine are planning annual production of 5 million carats by 2022 after the deposit spent the past 10 months on care and maintenance. Arctic Canadian Diamond Company took over the operation in December as former owner Dominion Diamond Mines filed for bankruptcy protection in April 2020. Dominion was unable to meet its repayment obligations for debts that had swollen to CAD 1.2 billion ($820 million) when rough sales froze due to Covid-19. Its 40% stake in the Diavik mine remains part of the Dominion bankruptcy proceedings. Arctic, which is made up of three of Dominion’s bondholders DDJ Capital, Brigade Capital and Western Asset Management assumed $70 million of Dominion’s debt and injected $85 million of working capital into Ekati. That enabled the mine to resume operations in late January 2021, with the current plan extending operations to 2028, Arctic’s interim president, Rory Moore, told Rapaport Ne
Arctic Canadian Diamond Company has sold the Ekati Mine and other assets from Dominion Diamond Mines to Arctic, a business owned by DDJ Capital Management, Brigade Capital Management and Western Asset Management Company.
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Dominion Closes Ekati Sale to Arctic diamondworld.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from diamondworld.net Daily Mail and Mail on Sunday newspapers.