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Rio Tinto Output Falls Amid Argyle Closure
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Rio Tinto’s diamond production fell in 2020 as the miner reduced output from its Argyle site in Australia in preparation for its shutdown.Total production slid 14% to 14.7 million carats for the full year, the...
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Mining
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Jan 20, 2021
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Rapaport News
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Dominion’s Ekati Sale Receives Court Approval
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A Canadian court has consented to Dominion Diamond Mines’ sale of its Ekati site and most of its assets to two of its bondholders.Under the agreement, DDJ Capital Management and Brigade Capital Management are set to acquire...
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Mining
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Dec 15, 2020
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Rapaport News
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Dominion Finds Buyer for Ekati
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Dominion Diamond Mines has reached a deal to sell its Ekati mine in Canada to two of its bondholders amid mounting debt that caused it to seek creditor protection.DDJ Capital Management and Brigade Capital Management will acquire...
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Mining
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Dec 08, 2020
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Rapaport News
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Court Allows Rio Tinto to Sell Dominion’s Diamonds
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A Canadian court has granted Rio Tinto permission to sell diamonds belonging to Dominion Diamond Mines to recoup more than CAD 120 million ($91.4 million) in unpaid debt from their Diavik joint venture.Rio Tinto subsidiary...
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Mining
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Nov 17, 2020
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Rapaport News
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Dominion Nears Deal to Restart Ekati
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Dominion Diamond Mines plans to recall approximately 60 of its furloughed workers in December to prepare for a restart at its Ekati mine in Canada.Operations at the deposit, which has been shut since March due to Covid-19, will restart after...
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Mining
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Nov 15, 2020
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Rapaport News
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Dominion Fights Rio Tinto Diamond Sale
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Dominion Diamond Mines has asked a Canadian court to prevent Rio Tinto from selling its portion of rough diamonds from the Diavik joint venture, calling the sale unfair and unreasonable.Rio Tinto-owned Diavik Diamond...
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Mining
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Nov 01, 2020
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Rapaport News
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Dominion Seeks Rescue Deal to Avoid Liquidation
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Dominion Diamond Mines may have to enter liquidation if it fails to find a buyer or investor, chairman Brendan Bell warned in a court filing last week.The company has been seeking restructuring options after its planned sale of the...
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Mining
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Oct 28, 2020
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Rapaport News
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Rio Tinto Wants to Sell Dominion’s Diamonds
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Rio Tinto has asked a Canadian court to allow it to sell its partner’s portion of rough diamonds from the Diavik mine to recoup more than CAD $120 million ($91.4 million) required to run the mine. Dominion...
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Mining
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Oct 25, 2020
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Rapaport News
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Dominion in Flux as CEO Resigns
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Patrick Merrin has stepped down as interim CEO of Dominion Diamond Mines, deeming it “appropriate” to focus on his position at the rough producer’s parent company.Merrin, who is chief operating officer at the Washington Companies, took on the lead...
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Mining
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Oct 20, 2020
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Leah Meirovich
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Lower Grades at Argyle Hit Rio Tinto Output
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Rio Tinto’s diamond production dropped in the third quarter amid lower mining grades at its Argyle deposit, the company reported Friday.Output at the Australian mine fell 10% year on year to 3.2 million carats in the...
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Mining
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Oct 18, 2020
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Rapaport News
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Dominion’s Ekati Sale Falls Through
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Dominion Diamond Mines’ sale of Ekati is off the table after the buyer failed to agree on an arrangement with insurers to cover future costs of the site.Affiliates of the Washington Companies, Dominion’s owner, were due to acquire the...
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Mining
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Oct 11, 2020
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Rapaport News
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Dominion Restarts Rough Sales
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Dominion Diamond Mines has sold $46 million worth of rough at its first diamond sale since March, enabling the company to repay some of its debts amid insolvency proceedings.The miner expects to sell approximately $8 million...
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Mining
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Sep 23, 2020
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Rapaport News
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Dominion to Sell Ekati Mine for $126M
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Dominion Diamond Mines has sold its Ekati mine in Canada to affiliates of its owner, the Washington Companies, for $126 million amid struggles with mounting debt.The offer came from Canadian Diamond Holdings and...
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Mining
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Sep 17, 2020
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Rapaport News
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Mining Sell-Off Highlights Sector’s Woes
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Just as the sun emerged from behind the clouds and diamond demand began to recover from a glut in the manufacturing sector, the coronavirus pandemic hit. Its rapid spread forced many miners to shut down...
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Mining
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Aug 06, 2020
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Leah Meirovich
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Losses Deepen at Rio Tinto’s Diamond Unit
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Weak rough demand and a devaluation of assets pushed Rio Tinto’s diamond division further into the red in the first half of the year, the miner reported Wednesday.The unit recorded a net loss of $40 million...
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Mining
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Jul 29, 2020
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Rapaport News
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Rio Tinto Output Slides in First Half
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Diamond production at Rio Tinto dropped 7% year on year in the first half of 2020 as the miner recovered lower-grade ore at its Diavik mine in Canada.The company’s share of production at the Argyle and Diavik mines came to 7.7...
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Mining
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Jul 19, 2020
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Rapaport News
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Two Parties Interested in Buying Dominion
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Two companies have expressed interest in acquiring Dominion Diamond Mines, according to an affidavit by its former CEO Brendan Bell.Those parties, who were not named in the June 12 legal filing, have signed non-disclosure agreements that...
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Mining
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Jul 07, 2020
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Rapaport News
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Dominion Sues Rio Tinto over Handling of Diavik
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Dominion Diamond Mines has sued joint-venture partner Rio Tinto, alleging that the mining giant breached the agreement by failing to control costs at the Diavik deposit in Canada.Rio Tinto operated the mine significantly over...
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Mining
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Jun 17, 2020
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Rapaport News
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Rio Tinto Not Interested in Buying Out Dominion
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Rio Tinto has no plans to purchase Dominion Diamond Mines’ 40% share in the Diavik site, the Australian company said in a court filing.The miner, which already owns 60% of Diavik and manages the site through...
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Mining
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Jun 16, 2020
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Rapaport News
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Dominion to Sell Assets in Bid to Avoid Bankruptcy
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Dominion Diamond Mines has agreed to an asset sale that would allow it to resume mining operations and avoid bankruptcy.The deal, which is subject to court approval, would provide an affiliate of the Washington Companies — which purchased Dominion...
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Mining
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May 24, 2020
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Rapaport News
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