Archive

  • Dominion Diamond Corporation and The Washington Companies yesterday announced the completion of the latter's takeover of the Canadian diamond miner, officially acquiring all of the issued and outstanding common shares of Dominion for US$14.25 per share in cash. In total it amounted to a $1.2 billion acquisition. Dominion will operate as a standalone, private company, and Patrick Evans has been appointed Chief Executive Officer, effective immediately.

  • Dominion Diamond Corporation yesterday announced that its, "Shareholders overwhelmingly approved the previously-announced plan of arrangement pursuant to which Northwest Acquisitions ULC, an entity affiliated with The Washington Companies, has agreed to acquire all of the issued and outstanding common shares of the Company for US$14.25 per share in cash." In other words, shareholders are expected to receive $14.25 US per share in cash when the acquisition closes. The aquisition arrangement is worth a total of US$1.2 billion.

  • Dominion Diamond Corporation reported their financial and operational results for the second quarter fiscal 2018 which ended on July 31, 2017. The results were in line with expectations, consolidated carats produced increased 72% to 2.6 million carats in the second quarter from 1.5 million carats for the same period a year earlier due to higher tonnes processed and a focus on high-grade Misery Main ore at the Ekati mine, with steady performance at the Diavik Diamond Mine.

  • Dominion Diamond Corporation has announced an auction of fancy yellow rough diamonds in cooperation with I. Hennig Tenders. The auction viewings will take place in Israel and Antwerp. The auction will commence with viewings in Israel from October 29 to November 1, 2017 and will conclude in Antwerp from November 6 to 10, 2017. Participation in the viewings and the auction is by appointment only. For more information and to arrange a viewing request email tenders@ihennig-tenders.com.

  • Canada's Dominion Diamond Corporation, is considering an investment to extend the Ekati mine by going underground at the Fox pit. According to a preliminary economic assessment (PEA) the expansion is expected to extend mine operations by seven years. The current mining plan accounts for Ekati to operate till 2035, with production coming from six open pits and two underground operations.

  • Reuters news agency reports that Patrick Evans, the former chief executive of Mountain Province Diamonds, will become the new CEO of Dominion Diamond Corp once a deal to purchase the Canadian diamond company closes later this year, he said on Wednesday. Dominion, the world's third largest diamond producer by market value, has been looking for a CEO since January when its former head, Brendan Bell, quit. Last month Dominion agreed to a $1.2 billion takeover offer from U.S. billionaire Dennis Washington that will take private the Canadian-based diamond miner.

  • After months of speculation and a rejected takeover attempt, Canadian miner Dominion Diamond Corporation has entered into an arrangement agreement with The Washington Companies to acquire all of Dominion’s outstanding common shares for US$14.25 per share in cash, or a total equity value of approximately US$1.2 billion. The transaction represents a 44 percent premium to Dominion’s unaffected share price of US$9.92 on March 17, 2017. Dominion rejected Washington's initial advance of $1.1 billion, or $13.50 a share last March, calling it "opportunistic" and saying it undervalued the company.

  • Canada's Dominion Diamond Corp., the world's third-largest diamond producer by market value with a controlling interest in the Ekati Mine and 40% owner of the Diavik Mine in Canada’s Northwest Territories, is in advanced and friendly talks with The Washington Companies on a sweetened cash takeover bid, sources told Reuters this week. Susan Taylor and John Tilak write that Negotiations are focused on the two sides settling on a price, said the sources, who declined to speak publicly on the matter. A deal could be announced within weeks, they said.

  • Dominion Diamond Corporation received approval to use water for the Ekati Diamond Mine in Canada’s Northwest Territories. The regions Minister of Environment and Natural Resources, Robert C. McLeod, signed off on the type-A water license for Dominion’s mine as well as the Jay project, a high-grade kimberlite pipe which the company believes will extend the lifespan of Ekati for a decade.

  • Dominion Diamond Corporation has announced an auction of fancy rough diamonds in cooperation with I. Hennig Tenders. The auction viewings will take place in Israel, New York, and Antwerp. The auction will commence with viewings in Israel from June 18-21, 2017; New York from June 26-28, 2017; and will conclude in Antwerp from July 3-7, 2017. Participation in the viewings and the auction is by appointment only.

  • Dominion Diamond Corporation has announced that La Pierre Précieuse Inc. from Montreal, Quebec is the winner of the 2017 CanadaMark Jewellery Competition award. The competition honors jewelry pieces with the highest level of creativity and excellence in quality and style, showcasing CanadaMark certified diamonds. The winning pendant features a 0.40 carat, round brilliant CanadaMark certified stone centered in a warm rose gold maple leaf setting with a Canadian maple wood background.

  • Candian miner Dominion Diamond Corp. reports an 18% surge in revenue in fiscal Q1 (three months ended April 30, 2017), which the company attributes to mining the high-grade Misery Main pipe at the Ekati mine, coupled with with stable production at the Diavik mine. Consolidated carats recovered increased 17% to 2.15 million from 1.83 million carats in Q1 fiscal 2017. Dominion sold fewer carats than in the same period last year - 2.3 million compared to 2.6 million - but the average price per carat increased to $90 from $69.

  • As part of a mine-to-consumer deal, R2Net, which owns JamesAllen.com, and Dominion Diamond Corporation have signed an agreement to market and brand CanadaMark® certified diamonds. JamesAllen.com will be the exclusive online retailer of CanadaMark certified diamonds; brick-and-mortar retailers will be able to sell the diamonds, but will not be allowed sell them online, giving James Allen "a significant advantage", according to JCK's Rob Bates.

  • Dominion Diamond Corporation has consolidated its interest in the Buffer Zone Joint Venture at the Ekati Diamond Mine in Canada’s Northwest Territories through a buyout agreement with Archon Minerals Limited, its partner in the venture. The Buffer Zone contains 106 mining leases covering 89,184 hectares, and is contiguous with the Core Zone Joint Venture at the Ekati Diamond Mine. Of the 150 kimberlite pipes discovered to date at the Ekati Diamond Mine, 38 are in the Buffer Zone.

  • Exploration at the Leslie pipe, an undeveloped section of Dominion Diamond Corporation's operations at the Ekati mine in Canada has revealed a potential of 16.3 million carats at a projected rough-diamond price of $85/ct. According to the company a parcel of 224 carats were recoverd from roughly 680 tonnes of Kimberlite. "The Leslie pipe is our highest-priority pipe amongst kimberlites that have been bulk sampled, as demonstrated by the announcement of its maiden resource”, said Jim Gowans, Chairman of the Board. 

  • In late March Canadian mining company Dominion Diamond Corp., the world's third largest diamond producer by market value, received an unsolicited $1.1 billion bid from a privately held conglomerate, Washington Corporations (WashCorp), based in Montana. Since soundly rejecting Washington’s offer, and the surge in share prices, Dominion is laying low.

  • Dominion Diamond Corporation reports strong growth in gross margins, adjusted EBITDA and net income of $5.6 million - despite a 27% decline in sales - in Q4 of the fiscal year ending January 31, 2017. This was attributable to ramp up of high value production at Ekati and steady performance at Diavik. The sale, late in the quarter, of Ekati mine goods from higher value Misery Main open pit and Koala underground ore processed in late Q3 fiscal 2017, together with higher processing volumes at the Diavik mine in the same period, paved the way for their stronger consolidated gross margin.

  • Dominion Diamond Corporation on Friday March 31 filed an updated technical report for the Diavik Diamond Mine that extends the life of the mine two years and raises production estimates going forward. The mine in the Northwest Territories, in which Dominion has a 40% interest and Rio Tinto plc has a 60% interest and operates the mine through DDMI (Diavik Diamond Mines Inc.) will continue to produce until 2025 instead of ending its active life in 2023.

  • Canadian miner Dominion Diamond Corporation issued a statement yesterday announcing the formation of, "a Special Committee to explore, review, and evaluate a range of potential strategic alternatives focused on maximizing shareholder value," and selling the company is one of those alternatives. The announcement follows events last week when Dominion became the target of an unsolicited $1.1 billion approach by U.S.

  • Canadian diamond miners Dominion Diamond Corp and Stornoway Diamond Corp have held talks about a potential merger in recent months, reports Reuters. The people that disclosed the matter declined to be named as the discussions are private. "The talks include Stornoway's chief executive officer and president, Matt Manson, becoming CEO of the merged group, one source said, adding that the discussions on an all-share merger started in January.

  • Dominion Diamond Corporation has sent an notice to its investors reconfirming that, "While its Board of Directors remains confident in the Company's long-term strategic plan and the opportunity it provides to enhance value for all shareholders, as it always has, the Board remains open to holding discussions with Washington Corporations ("WashCorps") on customary terms and in a manner that protects the interests of the Company and its stakeholders." 

  • Canadian mining company Dominion Diamond Corp. received a $1.1 billion bid from a privately held conglomerate in Montana, but the two sides are at a negotiating impasse, setting the stage for a public takeover fight, writes The Wall Street Journal.

  • Dominion Diamond Corporation today (March 17) released its guidance for sales, Adjusted EBITDA, unit operating costs, and capital and exploration expenditures for fiscal 2018 (ending January 31, 2018); they expect sales to be between $875 and $975 million, an increase of 62% compared to fiscal 2017 sales, assuming the mid-point of fiscal 2018 guidance is achieved. They reaffirmed their production guidance released earlier this year for the Ekati Diamond Mine and Diavik Diamond Mine.

  • Diamond industry analyst Paul Zimnisky, author of the Zimnisky Global Rough Diamond Price Index, provides his thoughts on the recent struggles of diamond mining stocks. Given what is now being widely considered as a recovery and stabilization of the diamond industry last year, an optimistic post-election U.S.

  • Diamond industry analyst and author of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky, takes us on, "A Trip Through the Diamond Industry in March 2017." If there is one trip you make this weekend, we recommend this one.

  • The month of March will again see a full schedule of rough diamond tenders and sales in Antwerp.

  • Dominion Diamonds has announced that sales of Ekati Diamond Mine and Diavik Diamond Mine diamonds fell 27% in Q4 2017 (November 2016 through January 2017) and 21% overall in FY 2017, despite the quantity of diamonds sold increasing 24% in Q4 and 61% for the year. It has also provided Q4 production results from its Ekati Mine, where carat production increased by 93% compared to the same period in the prior year due to the positive impact of processing of a large proportion of high grade Misery ore.

  • Dominion Diamond Corp., the world’s third largest producer of rough diamonds, announced CEO Brendan Bell will be stepping down. In a statement Bell said this decision was based on the Canadian company’s intended relocation of the corporate offices to Calgary.

  • Dominion Diamond Corp. reports that production from the Diavik Diamond Mine for the fourth calendar quarter of 2016 ended 10% higher than in the same quarter of the prior year, reflecting higher processing volumes that were partly offset by lower recovered grade. Under a joint arrangement, Rio Tinto operates the mine and Dominion Diamond pays 40 percent of the mine’s operating and capital costs while receiving 40 percent of the mine’s diamond output.

  • Dominion Diamond Corporation reported that its third quarter fiscal 2017 quarter (three months ended Oct. 31, 2016) gross margin amounted to $22.2 million, resulting in an operating loss of $9.1 million versus an operating profit of $9.5 million a year ago. As previously reported, the company's diamond sales for the third quarter were $102.7 million from the sale of 1.2 million carats.

  • Dominion Diamond Corporation reports that third fiscal quarter sales 2017 (three monthds ended Oct. 31, 2016) of rough diamonds from the Ekati Diamond Mine and Diavik Diamond Mine fell 29% to $102.7 million from $145.0 million despite the total volume of carats sold increasing by 56% to 1.2 million carats from 0.8 million carats.

  • Dominion Diamond Corp. is moving its head office to Calgary from Yellowknife, NYT, as part of a cost-cutting move. The relocation is expected to result in savings of a little over US$14 million (C$19 million) annually. The move is projected to be completed by the middle of calendar year 2017. Operations at the Ekati mine will continue uninterrupted, and development of the Jay deposit, about 25 kilometres from Ekati, will also be maintained, the company said.

  • A major U.S. jewelry manufacturer and retailer Stuller and Dominion Diamond Corp. have partnered to bring CanadaMark melee diamonds to the U.S. market, writes Logan Sachon for JCK.

  • Rio Tinto has released its third quarter production results, reporting that diamond production increased 3.4 percent to 4.4 million carats in the three months ended September 30. The company’s share of production at the Diavik Mine in Canada jumped 22% to 927,000 carats (Rio Tinto holds 60 percent of Diavik, the remainder of which is held by Dominion Diamond Corporation). Meanwhile, production at the 100%-owned Argyle mine in Western Australia fell 0.6% to 3.5 million carats.

  • Dominion Diamond Corporation reports the restart of the Ekati process plant and the sale of an exceptional diamond recovered at the Ekati diamond mine earlier this year. The Ekati process plant resumed operations at full capacity on September 21. Plant operations had been suspended since a fire that occurred at the Ekati process plant on June 23. During this time, the company worked to lessen the impact of the fire on production and cash flow for the current fiscal year.

  • Canadian miner Dominion Diamond has reported a loss of $37.9 million for Q2 2017 ended July 31 2016, increasing their first half losses to $73.8 million. Total sales for the quarter fell nearly 24% year on year to $160 million from $209.7 million, while revenues for the first half fell 15% compared to the first half of 2015. The Toronto-based company said it had a loss of 39 cents per share.

  • Canadian diamond miner Dominion Diamond Corporation has appointed, effective as of September 10, Matthew Quinlan as Chief Financial Officer, reporting to the Chief Executive Officer. Quinlan has over 15 years of experience in corporate finance, investment banking and financial accounting, including extensive experience in providing financing and strategic advice to companies in the global mining industry.

  • Dominion Diamonds says it will be rehiring the employees it laid off in June. The Canadian mining company temporarily laid off about 300 workers from its Ekati diamond mine in the North West Territories after a fire at a processing plant on June 23. At the time, the company said it needed to save money while it closed down operations to repair the plant, CBC News reported.

  • Dominion Diamond Corporation reports that fiscal 2017 second quarter diamond sales were $160.0 million, down from $209.7 million a year before from its Ekati and Diavik diamond mines. At Ekati, production was 0.9 million carats from 0.6 million tons of ore processed versus 0.9 million carats recovered from 1.0 million tons processed a year before. Sales in the second quarter were lower than the prior year primarily due to a high proportion of lower value goods from the Misery Satellites available for sale in the quarter.

  • Dominion Diamond Corp has announced the death of former Chairman and CEO Robert Gannicott at the age of 69 after a long battle with leukemia. “It is a sad day at Dominion," said CEO Brendan Bell in a statement. "Bob Gannicott was a visionary and a pillar of the Canadian diamond industry. He built the company from the ground up, taking it from a junior mining company to what is it is today as Canada’s largest independent diamond producer.