Australian company to buy Arctic Canadian Diamond Company’s assets

YELLOWKNIFE —
An Australian firm is about to purchase all of Arctic Canadian Diamond Company Ltd.’s belongings, together with the Ekati diamond mine within the Northwest Territories.

Burgundy Diamond Mines has entered right into a binding share buy settlement with Arctic for about US$136 million.

The deal relies on financing and the approval of Burgundy’s shareholders, which is predicted in late April.

An announcement from Arctic says the sale will safe continued operations and longevity for the mine.

Ekati, situated roughly 300 kilometres northwest of Yellowknife, opened in 1998 and employs about 1,100 folks.

As of November 2022, Arctic says the mine has produced roughly 90.8 million carats, together with a 186-carat diamond that was recovered and offered in 2016.