Arctic Journal
NWT
Dominion Diamonds Mines has completed the sale of the Ekati Diamond Mine and associated assets to Arctic Canadian Diamond Company Ltd.
The company has also assumed $70 million U.S. of Dominion’s outstanding debt “under its existing revolving credit agreement and the reclamation obligations of the Ekati mine.”
Arctic Canadian Diamond Company Ltd. is formed and owned by funds and accounts managed by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC.
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North Arrow Minerals Inc. (TSXV-NAR) (“
North Arrow”) is pleased to announce it has identified a compelling drill target at the head of a regional kimberlite indicator mineral train at its 100% owned Loki Diamond Project in the Lac de Gras region of the Northwest Territories. The target has been identified from initial results of a recently completed ground geophysics program that included gravity surveys of the north Loki area as well as kimberlite EG05.
The north Loki survey has outlined a new target at the up-ice termination of a prominent and unsourced regional kimberlite indicator mineral anomaly that forms part of what has historically been known as the South Coppermine Train. Initial results from the gravity survey define an elongate gravity low anomaly, over 400m long and 100m wide. The anomaly has a maximum amplitude of approximately 0.35mGal, which is similar in strength to gravity anomalies associated with some of the known kimberlites in the region, including EG05.
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.
Mining and Exploration10/02/2021 09:31
In conclusion of a months-long saga, Dominion Diamonds Mines has finalized the sale of the Ekati Diamond mine and associated assets to Arctic Canadian Diamond Company LTD, a new company formed and owned by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC, CBC Canada reports. Operations were fully resumed in January, after a restart in November last year, and all workers are expected to return to work later this month. Dominion s 40% stake of Diavik is not part of the sale.
Dominion Diamond Mines has completed the sale of its Ekati mine in Canada, and has resumed operations at the site.Arctic Canadian Diamond Company, a business owned by two of Dominion’s bondholders, has acquired all of Dominion’s assets, except its 40% stake in the Divaik mine, which it shares.