Archive

  • 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.

  • 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.

  • Shares in Dominion Diamond Corp are the subject of differing opinions by analysts. The stock was upgraded by Zacks Investment Research to a 'hold' from 'sell' in a research report on Tuesday. Meanwhile, BMO Capital Markets reissued a 'buy' rating' on Friday. That followed RBC Capital's decision to lower Dominion's shares to 'sector perform' from 'outperform' and reduced their price target. RBC, with a long record of covering the diamond trade, said Dominion's Jay project, an expansion of its giant Ekati mine, faced a challenging outlook and that the diamond market generally was lackluster.

  • 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 said that Fame Diamonds Inc. won the inaugural CanadaMark Jewellery Competition award. Retailers from across North America and the UK submitted a unique ring design featuring CanadaMark diamonds. Vancouver-based Fame Diamond’s ring design was chosen by consumers as the favorite through a vote held on the CanadaMark website for the public in North America and the UK. The winning ring is set with a 0.70 carat, round brilliant center stone accented with diamonds and set in white gold.

  • 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.

  • Rio Tinto has announced that its Diavik Diamond Mine in Canada has produced 100 million carats of rough diamonds since it opened in 2003, reports JCK. The mine is a joint venture between Rio Tinto (60%) and Dominion Diamond Corp. (40%), but is operated wholly by Rio Tinto. The Diavik Diamond Mine is Canada’s largest diamond mine in terms of carat production.

  • "As April 2016 concludes, the diamond industry has without question improved relative to a year ago, however, current industry data and commentary paints a mixed picture as to whether market fundamentals have in fact stabilized enough to support a new wave of sustainable growth continuing into the near-to-medium-term", writes Paul Zimnisky, author of the Zimnisky Global Rough Diamond Price Index to introduce his in-depth analysis of global diamond trade demand, supply and pricing in 2016.

  • 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 University of Alberta in Canada, possessing "probably the biggest asembly of highly specialized diamond research equipment in the world" according to Graham Pearson, the school's principal investigator and Canada Excellence Chair in Arctic Resources, wants to train the next generation of diamond hunters. The Natural Sciences and Engineering Research Council has announced an investment of $1.65 million over the next six years to create a new Diamond Exploration Research and Training School (DERTS). Canad

  • 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.

  • Dominion Diamond Corp said that Robert Gannicott has retired as Chairman, with Jim Gowans appointed as non-executive Chairman of the Board of Directors with immediate effect. Gannicott will remain as a director of the company. Gowans was appointed to the Board of Directors on January 13. He has extensive operational experience in many aspects of the mining industry, including exploration, major projects, operations and human resources as well as extensive leadership experience both in Canada and internationally. Gannicott headed the firm for 12 years.

  • Dominion Diamond Corp's full fiscal year diamond sales plunged to $720.6 million from $915.7 million in the year-earlier period, a decline of more than 21%. For its fourth quarter, sales were $178.1 million, a sharp decrease from the $240.6 million figure for the year-before quarter. The miner plans to produce 5.5 million carats from the processing of 3.9 million tons of ore at the Ekati mine during the fiscal 2017 year, and announced that production at Ekati during the fourth quarter of 2015 increased by 42 percent.

  • "Dominion Diamond, the world’s third-largest rough producer by value, will forge ahead with plans to open up a new mine in Canada’s Northwest Territories, after positive results from a pre-feasibility study," writes mining.com. This is the takeaway from Dominion's February 22 announcement of positive results from a pre-feasibility study of the Sable kimberlite pipe deposit located within the Core Zone Joint Venture property in Canada’s NWT in which the company holds an 88.9% interest.

  • The Diamond Producers Association has announced that Jean-Marc Lieberherr, formerly its Chairman, is to become Chief Executive Officer. Jim Pounds, an executive vice-president at Dominion Diamond, is Vice Chairman, and Forevermark CEO Stephen Lussier, as announced last week, will serve as Chairman, all with immediate effect.

  • Diamond specialist Ehud Arye Laniado takes an informative look at the options for purchasing and selling rough diamonds, explaining the advantages and disadvantages of each. "Manufacturers essentially have two alternatives when it comes to buying rough diamonds. They can either buy directly from mining companies, or they can buy from others companies in the secondary trading market." Mining companies (producers) sell their diamonds either through a "sight" system or through tenders and auctions.

  • 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.

  • Rough diamond analyst Paul Zimnisky takes a comprehensive look at the current and projected output for the entirety of the diamond mining industry, concluding that "2016 global diamond production by-volume is forecast to be 137 million (M) carats, or +1.3% over 2015 estimates," despite efforts by De Beers and Rio Tinto to limit global diamond supply. Stable Russian production, new mines, and production increases by Dominion Diamond Corp and Petra Diamonds in particular, he writes, will serve to offset these efforts.

  • In his latest opinion piece, award winning JCK News Director Rob Bates expresses his concern over the latest example of so-called "activist investors" nudging their way into companies.

  • 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. has announced that its executive chairman will step down and be replaced by Jim Gowans, a mining industry veteran, who will take over as non-executive chairman no later than April 30. Mr. Robert A. Gannicott, Chairman of the Board, commented that “Both the Company and I have faced certain changes recently. For the Company, these represent opportunities but in my case they represent medical challenges. I have known Jim throughout his career, especially the parts relating to northern mine development and, later, the diamond industry.

  • In the latest development in the story of Dominion Diamonds' disgruntled shareholders' displeasure with Dominion's (mis-)management, Reuters reports that two shareholders, who asked not to be named but together own nearly 3% of Dominion, said the company could use some of its nearly $300 million in net cash for a stock buyback.

  • 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.

  • From BloombergBusiness: "Dominion Diamond Corp. has hired financial advisers to explore a sale as the Canadian miner comes under pressure from shareholders about its falling share price, according to people familiar with the matter. The shares surged the most since 2009. The diamond miner has hired Rothschild & Co. to advise on the sales process, said the people, who asked not to be identified because the matter is private. The deliberations aren’t final and may not lead to a deal, the people said.

  • 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.

  • Dominion Diamond's CanadaMark has announced a project to partner with jewelry designer Kara Ross on the December launch of "Diamonds Unleashed", a brand to promote and support women's empowerment. The mission is to engineer a great rethink about how diamonds are bought, given and perceived and then to use that shift as a platform to address issues that enable women to achieve their potential.