Rescued Ekati to Produce 4m carats in 2021
June 14, 21
(IDEX Online) - New owners of the troubled Ekati mine, in Canada, predict a 4m carat output this year, after rescuing it from Dominion Diamonds.
A group of creditors took on $70m of outstanding debt and pledged $85m of working capital facility for the mine in Northwest Territories. The deal was signed in February.
The newly-formed Arctic Canadian Diamond Company, owned by DDJ, Brigade and Western Asset, says it has just completed its first sale and we found the market to be "very strong", with high demand, and better than anticipated pricing.
Ekati (pictured) resumed operations in January after a 10-month Covid-enforced closure.
The current mine plan at Ekati, which opened in 1998, extends to 2028 and includes open pit mining and underground mining.