Burgundy Diamond Mines has entered into a binding share purchase agreement with Arctic for approximately US$136 million.
The deal is dependent on financing and the approval of Burgundy's shareholders, which is expected in late April. An announcement from Arctic says the sale will secure continued operations and longevity for the mine. Ekati, located approximately 300 kilometres northwest of Yellowknife, opened in 1998 and employs about 1,100 people.
As of November 2022, Arctic says the mine has produced roughly 90.8 million carats, including a 186-carat diamond that was recovered and sold in 2016.
Does Canada own anything anymore? I lived in a mining community and the folks trying to get in there were all Australian as well. Does anyone have any idea how much we buy local is made locally? I think some politicians sold us down the river. Does anyone know who that was?
Natural resources should only be owned by full Canadian owed companies
Makes me nervous. We had an Australian (still maybe do) who wants to rip up Eastern Slopes of the Rockies to dig coal At what benefit to ABns who rely on the water quality coming fr that area? Or the scars that will be there for yonks. Wld prefer Cdn resources developed for Cdns.