Troubled Canadian diamond mine Ekati gets new life as Australian company takes control

📆 17/03/2023 08:04 p. m.
📰 calgaryherald

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Burgundy Diamond Mines Ltd. is paying US$136 million to assume control of the Ekati complex from Arctic Canadian Diamond Co Ltd. Read more.

Under the deal, Burgundy would send US$21 million worth of its shares to Arctic Canadian, and take on US$100 million in debt. In addition, Burgundy would pay $15 million cash to Arctic Canadian in December 2023.

The value of the mine has fluctuated wildly throughout the years. In 2017, Dominion purchased Ekati for US$1.2 billion along with other assets. Before that, in 2013, the previous owner purchased it from what is now called BHP Mining Co. for US$553 million.Article content Not counting last year’s US$494 million in revenue, the Ekati complex had been plagued by operational issues in recent years.

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Troubled Canadian diamond mine Ekati gets new life as Australian company takes controlBurgundy Diamond Mines Ltd. is paying US$136 million to assume control of the Ekati complex from Arctic Canadian Diamond Co Ltd. Read more.
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