It has acquired the 50% interest French luxury goods group LVMH had in De Beers Diamond Jewellers for an undisclosed amount.
EKATI Mining News
Montana-based Washington Co is offering 36% above the closing price of the Canadian miner’s shares on Friday.
Gahcho Kué, owned by De Beers Canada and Mountain Province Diamonds, is expected to produce around 54 million carats of rough gems over its 12-year lifetime.
The 67.87-carat gem quality octahedron diamond, unearthed during production ramp-up, is the largest of its kind recovered to date at the remote mine.
More than 500 unionized workers are expected to ratify the agreement in an upcoming vote scheduled for March.
Brendan Bell, who has also resigned to Dominion's board, has agreed to stay on as CEO until June 30 to ensure a smooth transition.
Global rough diamond production will reach its peak in only three years before entering into a supply deficit by 2020, two separate reports show.
Suit claims company failed to report mercury levels at five of nine water monitoring stations near Victor mine.
Company says it was forced to lay off employees from across the business given "current market conditions."
The world’s top diamond producer by value said results were in line with expected seasonal demand patterns.
The move comes on the heels of a similar decision by De Beers Canada, which moved its headquarters from Toronto to Calgary in July.
Still, the world’s biggest diamond producer by value said the auction was better than it had expected.
Gahcho Kué, a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%), is expected to inject $5.2bn into Canada’s economy.
De Beers, the world's biggest diamond producer, warns that many of the challenges affecting the industry last year are likely to continue over the next decade.
Gahcho Kué, co-owned by De Beers Canada and Mountain Province Diamonds, is also expected to provide 1,200 new jobs.
The Chidliak mine, in Canada’s Nunavut, is expected to produce around 12 million carats during its 10-year lifespan.
The move comes as the company readies to open what it calls the world’s biggest diamond mine currently under construction.
Developing the Jay pipe will help keeping the mine in production until 2033.
While Dominion Diamond has pushed construction of Ekati’s new Jay pipe to 2018, Rio has said that a denial of a request to change its water licence could have an adverse impact on Diavik.
Project could help keep Ekati producing diamonds until 2033, or 13 years later than the expected end of its mine life.
Gahcho Kué, the world's largest new diamond mine under development, is now 94% complete with first production planned for the second half of this year.
The miner lost $11.6 million in the fiscal 2016, compared to a profit of $170.3 million in 2015.
The Sable kimberlite pipe, for which permitting is already in place, could see mining beginning in 2019.
The board's recommendation still needs to be approved by Canada’s Northwest Territories authorities.
Robert Gannicott's replacement as chairman will be Jim Gowans, a former DeBeers Canada CEO and most recently the co-president of Barrick Gold,.