[ad_1]
Published March 14, 2023 2:37 p.m. ET
Updated March 14, 2023 2:59 p.m. ET
YELLOWKNIFE — An Australian company is set to buy all of Arctic Canadian Diamond Company Ltd.’s assets, including the Ekati diamond mine in the Northwest Territories.
Burgundy Diamond Mines has entered into a binding share purchase agreement with Arctic for approximately US$136 million.
The deal is dependent on financing and the approval of Burgundy’s shareholders, which is expected in late April.
An announcement from Arctic says the sale will secure continued operations and longevity for the mine.
Ekati, located approximately 300 kilometres northwest of Yellowknife, opened in 1998 and employs about 1,100 people.
As of November 2022, Arctic says the mine has produced roughly 90.8 million carats, including a 186-carat diamond that was recovered and sold in 2016.
[ad_2]
Source link