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.
Mining.com reports the troubled Dominion Diamonds has brokered a deal to sell its Ekati mine, not the 40% stake in the Diavik operation, both in the Canadian Northwest Territories to an entity controlled by DDJ Capital Management LLC and Brigate Capital Management LP, in exchange for the assumption of US$70m in debt.
CBC news reports that negotiations around the US$126 million sale of a number of Dominion's assets, including the Ekati mine, to affiliates of owner Washington Companies have reached an "impasse" with no chance to reach an agreement before the deadline of Oct 14.
Dominion Diamond Mines (Dominion) yesterday, March 19, announced that it has decided to suspend operations at the Ekati Diamond Mine in Canada to safeguard its employees and the communities surrounding its operations from threat posed by the Coronavirus (COVID-19) pandemic.
The price of vivid yellow diamonds is expected to rise this year as a result of declining supply, according to Q4 figures from the Fancy Color Research Foundation (FCRF). Jim Pounds, FCRF advisory board member and executive vice president of diamond at Dominion Diamond Mines, which has produced high levels of vivid yellow as its Ekati mine in Canada, commented, "as the mine transitions from open-pit mining to underground, a substantially reduced amount of stones will be available during 2019. Therefore, we anticipate a slight increase in vivid-yellow prices.”
Dominion Diamond Mines announced last week that it would once again be delaying expansion of its Ekati mine in the Northwest Territories, which had been schduled to commence this year, extending the Ekati mine's life to 2033. They said the work planned for this year has been put on hold while the company studies how the project's profitability can be increased, according to CBC News. Dominion did not say how this delay would affect the overall timeline for the Jay pipe, which was expected to begin production in 2021.
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.
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.
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.
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.
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.
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.
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.
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.
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.
This week's news that Arctic Star Exploration Corp. has acquired a 100 percent interest in mineral claims comprising 40,831 hectares in the Athabasca Basin, Saskatchewan - the "Diamond Dunes Project" - only two months after De Beers announced a US$15.8 million (C$20.4 million) option with CanAlaska Uran
Despite recent news of a three-month shutdown and costly repairs to the process plant, Dominion Diamond Corporation will be forging ahead with development of the Jay Project at the Ekati Mine based on the positive results of a feasibility study and subsequent revised project schedule and life-of-mine plan. The project, which includes building a dyke, draining part of a lake and digging an open pit, will be funded from existing cash and internal cash flow.
Following last week's announcement that the fire that occured at the Ekati Diamond Mine process plant on June 23 would force it to shut down for three months, Canada's Dominion Diamonds has lowered its 2017 production forecast by 16%: from 5.6 million carats to 4.7 million carats. Futhermore, it is estimating the cost of repairing the damage done by the fire at US$19.25 million.
Dominion Diamond Corporation's stock price has taken a hit due to the temporary closure of its processing plant at the Ekati mine, reports Canada's CSC. On Wednesday, Dominion announced that repairs at Ekati's processing plant after a fire last week will take three months. The fire broke out in the plant on June 23 during a planned outage. No one was injured and the fire was extinguished the same day. As of Wednesday night, Dominion Diamond's stock had fallen nearly 11 per cent since the news of the fire broke.
In a further update on a fire that took place on Thursday at the Ekati mine site during a planned outage in the Process Plant, Dominion Diamond Corp said that damage was limited to a small area with no damage to the main structural components. "Repairs will require the replacement of one of the main degritting screens and associated components, as well as some electrical wiring and related infrastructure. The duration of the shutdown is still unknown as our team, assisted by technical experts, continues the assessment.
Dominion Diamond Corporation reported a loss of $1.0 million for its first fiscal quarter of 2017 (February through April 2016) compared with a profit of $12 million in the year-earlier quarter. Both measures were impacted by a lower value product mix at Ekati prior to the initial sale of diamonds recovered from Misery Main later in the fiscal year. Inventory impairment, or reduced value of the stock, in the amount of $19.6 million was recorded on available for sale inventory at the Ekati mine.
Dominion Diamond Corp is delaying work on the Jay kimberlite pipe in Canada’s Northwest Territories in which the company holds a majority interest which would add a decade to the lifespan of its Ekati mine. It can maintain continuous production at Ekati without starting major construction at Jay this year. The initial design basis for the Jay feasibility study (FS) had assumed the commencement of major construction this year.
Dominion Diamond Corp reports that its first quarter diamond sales fell to $178.3 million from $187.7 million in the year-earlier quarter. Carat production in the first quarter was 34% higher compared with the Q1 2016. During the period, the Ekati Diamond Mine recovered 1.1 million carats from 1.0 million tonnes of ore processed compared with 0.8 million carats from 0.9 million tonnes a year before. The miner reported that it held two rough diamond sales during the quarter.
The Minister of Lands of the Government of the Northwest Territories (GNWT) has accepted the recommendations of the Mackenzie Valley Environmental Impact Review Board (MVEIRB), that Dominion Diamond's Jay Project be approved, subject to the measures described in the Report of Environmental Assessment. At issue were the potential environmental impacts of Dominion Diamond’s proposed expansion of the Ekati diamond mine in Yellowknife, in Canada's NWT.
Koin International DMCC, a specialist rough and polished diamond tender house, is organizing a rough diamond tender in Antwerp from 24 -31 May 2016. It will offer goods from Ekapa Minerals, Diamcor Mining, Klipspringer Mines, and for the first time in Antwerp will tender rough diamonds from the Mothete Mine in Lesotho. Over 89,000 carats of original rough production from Ekapa Minerals will be sold via tender. The Ekapa Minerals tender will include diamond production from their recent purchase of De Beers’ substantial tailings in Kimberley, South Africa.
Dominion Diamond Corporation (Canada) yesterday reported that Diavik Diamond Mine production results for the first calendar quarter of 2016 showed processing and recovery volumes higher than in the same quarter of the prior year. Processing volumes in the first calendar quarter of 2016 were 17% higher (from 0.48 million to 0.56 million carats) due to greater ore availability as a result of higher mining rates and availability of stockpiled ore. Diamonds recovered in the first calendar quarter were 26% higher (from 1.50 million to 1.88 million carats) than in the same quarter of the prior ye
The Mackenzie Valley Environmental Impact Review Board (“MVEIRB”) has completed its Report of Environmental Assessment for Dominion Diamond's Jay Project in the Northwest Territories and has recommended that it be approved, subject to the measures described in the Report. The Jay Project is an expansion of the Ekati Diamond Mine. The Report has been sent to the Minister of Lands, the Honourable Robert C. McLeod.
The figures are presented in the Canada-based miner's preliminary mine plan for 2016. The firm also reported processing volumes in the fourth calendar quarter of 2015 were 9% lower than the same quarter of the year before due mostly to three weeks of maintenance shutdowns in the processing plant. Diamonds recovered in the fourth calendar quarter were 3% lower than the same quarter of the previous year, reflecting lower processing volumes which was partially offset by a higher recovered grade.
Dominion Diamond Corp, which owns the Ekati diamond mine and a 40% share of Diavik – Canada’s largest diamond mine – says two of its independent directors have resigned, as the board of Canada’s largest publicly traded diamond producer faces shareholder pressure for a shakeup due to its plunging share price.
Despite a concerted effort to trim costs at all of its operations, Dominion Diamond Corporation says it still plans to start building a new pit at its Ekati diamond mine next year. The pit, called Jay, could help the mine stay in production until 2033. "It wouldn't surprise you to know that we are reviewing our cost structure, looking at all of our capital sustaining and development capital to make sure that we are only spending money we absolutely have to," said Dominion CEO Brendan Bell.
In an interview with Mining Weekly Online addressing the current state of affairs and future outlook throughout the diamond industry, analyst and consultant Paul Zimnisky says he believes Canada was the best-positioned country in the industry given the quality of the current projects. “Looking at the NWT’s Ekati and Diavik mines, for instance, they are still quite profitable projects, even in a weaker price environment.