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.
Source: nationalpost - 🏆 10. / 80 Read more »
Australian company to buy Arctic Canadian Diamond Company's assetsAn Australian company is set to buy all of Arctic Canadian Diamond Company Ltd.'s assets, including the Ekati diamond mine in the Northwest Territories. 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. Natural resources should only be owned by full Canadian owed companies 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?
Source: CTVCalgary - 🏆 26. / 68 Read more »
Australian company to buy Arctic Canadian Diamond Company's assetsYELLOWKNIFE — An Australian company is set to buy all of Arctic Canadian Diamond Company Ltd.’s assets, including the Ekati diamond mine in the Northwest… Won't be happening,last company mining heritage children of ownership properties were from India,they ripped off heritage children,Wright's to mine were illegally obtained by use of manipulation,of illegal suppression of Crown Governor Prince Jimmy of Canada,World Courts contrats
Source: OttawaCitizen - 🏆 21. / 68 Read more »