Dominion Diamond Loses $15M, Seeks New Pit Approval

Mining and Exploration
15/04/2016 14:32

Dominion Diamond Corp recorded a loss of $15 million for the past fiscal year, compared with a profit of $219 million in the 2014-2015 year. The company owns most of the Ekati mine and 40% of the Diavik operation in the Northwest Territories (NWT). "[The year] was a transitional year for Ekati and the fourth quarter was the weakest, with a high volume of lower-valued carats produced and a five-per-cent fall in diamond prices," said Ron Cameron, Dominion's chief financial officer, during a conference call reported by CBC.

He added that the miner will soon start mining high-grade ore from Ekati's Misery open pit, and, planning continues for the development of the Jay open pit, which could extend the life of Ekati by 13 years, to the year 2033. Dominion expects to release a feasibility study on the project in late May — the same month the company expects Robert C. McLeod, the NWT's minister of lands, to decide on whether the Jay project should proceed to the permitting stage.