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.
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Dominion Diamond Mines has completed the sale of the Ekati mine in Canada’s Northwest Territories to a newly created company, Arctic Canadian Diamond Co.
The sale has allowed the mine, which has been on care and maintenance since March 2020 because of the COVID-19 pandemic, to reopen. Ekati initiated a 10-week phased restart in November 2020, and returned to full operations on Jan. 20. It is expected that all employees will return to work no later than Feb. 25.
Rory Moore, who has served as Dominion’s vice president of exploration since 2018, has been appointed Arctic’s interim president.
“We are excited to have our employees back at work and to have Ekati in full production again,” said Moore in a statement. “This new partnership will bring fresh perspectives to our operations and be the driving force behind our continued growth.”
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.
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Dominion Diamond Mines ULC ( Dominion or the Company ) announced today that it has completed the previously announced sale of the Ekati Mine and associated assets to Arctic Canadian Diamond Company Ltd. ( Arctic ), a company formed and owned by funds and accounts managed by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC. The Alberta Court of Queen s Bench (the Court ) approved the sale pursuant to an order issued on December 11, 2020.
Arctic has acquired substantially all of Dominion s assets, excluding Dominion s interest in the joint venture agreement and liabilities relating to the Diavik Diamond Mine, in consideration for the assumption of various liabilities owing to Dominion s creditors, employees, suppliers and surety bond holders, including assuming US$70 million of Dominion s outstanding indebtedness under its existing revolving credit agreement and the reclamation obligations of the Ekati mine. In addition, Arcti
Sale of Ekati mine to Arctic Canadian Diamond closes February 4, 2021
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Dominion Diamond‘s sale of Canada’s first diamond mine, Ekati, to
Arctic Canadian Diamond Company has been completed. Full operations at the site, which had been placed on care and maintenance at the beginning of the pandemic last March, resumed on Jan. 20 after a 10-week restart that began in November.
A “full recall” of employees is expected to be complete by Feb. 25.
Arctic Canadian is owned by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC. In a sale that was approved in December, the company acquired the asset in return for assuming US$70 million of Dominion’s outstanding indebtedness under its existing revolving credit agreement, as well as the reclamation obligations for Ekati.