Rio Tinto Asks Court to Allow Sale of Diavik Rough

Rough Market
26/10/2020 15:39

Rapaport reports that Rio Tinto's Diavik subsidiary Diavik Diamond Mines Inc (DDMI) has asked a Canadian court to allow a sale of Dominion owned rough diamonds from the mine, to compensate for outstanding payments to Rio Tinto, amounting to US$90+ million, to be able to continue operations at the mine. Previously, the court had already granted DDMI the right to hold some of the rough as collateral while Dominion is under protection from creditors. A US$126m deal with affiliates of Dominion owner Washington Companies fell through earlier this