Ekati sale expected to go through at end of June – by Ollie Williams (Cabin Radio – June 11, 2023)

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The latest sale of the Northwest Territories’ Ekati diamond mine is expected to be finalized before the end of the month, the current owners say. In a presentation posted to a public registry, Arctic Canadian says the “expected transition close-out” of Ekati’s sale to Burgundy Diamond Mines, an Australian company, is anticipated on June 30.

The deal is valued at almost $200 million. Ekati was last sold in February 2021, when financially troubled Dominion Diamond Mines offloaded the mine to Arctic Canadian, a company formed by some of Dominion’s creditors.

Burgundy has said it will maintain Arctic Canadian’s plan to use underwater remote mining to extend Ekati’s mine life, and will also conduct an “assessment of the Jay deposit and Fox underground opportunities.”

In its latest presentation, prepared for a public hearing being held next week, Arctic Canadian states that the sale to Burgundy – if finalized – would “change corporate financing and structure but would have minimal impact on employees and operations.”

For the rest of this article: https://cabinradio.ca/132672/news/environment/ekati-sale-expected-to-go-through-at-end-of-june/