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Dominion Diamond Mines has been granted a protection order after filing for insolvency protection, the company announced Wednesday in a press release. For IF or VVS grades multiply that figure with 4 or 5. It seems like their plan is to restructure, which doesn't sound like a mine closure but … all bets are off right now because we just don't know what the future is going to look like in the diamond markets, and so we'll have to wait and see," Hoefer said. DIAMONDS: Washington Cos complete Dominion Diamond deal, Five reasons diamond stocks have been dragging, DIAMONDS: Dominion receives water licence for Jay project, Fruta del Norte produces 94,250 oz. "Dominion continues to believe in the long-term viability of its assets and expects to emerge stronger and better able to deliver value to all stakeholders," its press release states. The company shouldered the immediate cause of its financial problems on the COVID-19 outbreak. The stone is one of the 30 biggest diamonds ever found. The transaction included the brand and all the activities related to jewelry and watches, including the 535 employees worldwide and the production company in Geneva (Switzerland).[8]. The company states that it expects to return the Ekati mine to operation once the pandemic eases and diamond markets reopen. Under the deal, Washington would pay $126 million for substantially all of Dominion’s assets—which include 90% of the Ekati diamond … Dominion’s top priority is the well-being of our workforce. © 2020 Glacier Media Group, All Rights Reserved, Alrosa to combine all cutting, polishing facilities into single entity, Rio asks court to OK sale of Dominion’s diamonds, Unigold stock takes off on Candelones drill results, MINING PEOPLE: Cross River Ventures, Fabled Silver, Hycroft Mining, Nickel Creek Platinum, MINING.COM MINUTE: Biggest stories of the week, Kodiak reports long copper-gold intercepts from MPD project in BC, Newcrest TSX listing to boost access to North American capital, The Canadian Mining Hall of Fame announces 2021 inductees. Pseudonyms will no longer be permitted. Dominion Diamond is the controlling owner of the Ekati Diamond mine, and is a 40 per cent partner with Rio Tinto PLC in the Diavik Diamond mine — both in the Northwest Territories, approximately 300 kilometres northeast of Yellowknife. The company has also confirmed that Pat Merrin, the company’s interim CEO since February, has relinquished that role. It’s almost three times the size of the next largest ever found in Canada. Bureau of Statistics, diamond mining was responsible for approximately $1.7 billion of the territory's GDP, or 35 per cent of GDP by industry type. This story first appeared on www.NorthernMiner.com, Your email address will not be published. |, Dominion Diamond Mines files for bankruptcy protection, Moody's loses confidence in Dominion Diamond's ability to pay back $550M bond, Gahcho Kué, Diavik diamond mines sending some N.W.T. SteelGuru 12/19/18. "The CCAA filing was necessitated primarily by the impact of the COVID-19 pandemic," states the press release. The Company operates the Ekati Diamond Mine, in which it owns a controlling interest, and also owns 40% of the Diavik Diamond Mine. These are key channels to facilitate the sale of the company's inventory, so currently there is no ability to generate sufficient revenue to support Dominion's ongoing financial obligations.". Lucara Diamond’s 1,109-carat Lesedi La Rona is the second-biggest in record, while the 995-carat “Excelsior” and 969-carat “Star of Sierra Leone” are the third- and fourth-largest. With files from Hilary Bird and Donna Lee. The company owns a controlling interest in the Ekati diamond mine, which it operates, and 40% of the Diavik diamond mine. © 2020 Dominion Diamond Mines. Comments are welcome while open. All Rights Reserved. It also holds a controlling interest in the Lac de Gras diamond project. The 552-carat yellow gem quality stone is also one of the 30 biggest diamonds ever found. Production at the Diavik Diamond Mine, Canada's second diamond mine, is operated by Dominion Diamond Mines' joint venture partner, Diavik Diamond Mines Inc., a subsidiary of Rio Tinto Group. Dominion Diamond Mines to update workers after filing for creditor protection N.W.T. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities).

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