New owners want to extend mine life, hire more northerners
The Ekati diamond mine officially has new owners. The sale, which carries a price tag of $150 million US, was finalized on Tuesday — transferring 100 per cent of the Arctic Diamond Company Limited shares to Burgundy Diamond Mines, an Australian-based company. It is the third company to own the mine since 2017.
“I think it is exciting for everyone,” Kim Truter, CEO of Burgundy Diamond Mines told CBC News. The company wants to extend Ekati’s mining life and hire more northerners. “I think the North desperately needs these diamond mines to continue,” Truter said.
“We know that some of the other ones will be closing down … but I’m very excited about the fact that we could extend this mine’s life and continue jobs, royalties, taxes, etcetera for the North.” Prior to the sale, the mine was owned by Calgary-based Arctic Canadian for the last two years, and before that, Dominion Diamond Mines, who filed for insolvency protection.
Despite being one of several new owners in under a decade, Truter said the company is not concerned as it feels Burgundy Diamond Mines is the right fit. “I think we all know some of the checkered history around some of the previous owners who also probably weren’t the right owners,” Truter said.
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