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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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Court Orders Release of Dominion’s Diamonds
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A Canadian court has ordered the Rio Tinto subsidiary that manages the Diavik mine to release inventory belonging to Dominion Diamond Mines it had been holding as a guarantee for missed payments.Diavik Diamond Mines (DDMI) has...
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Mining
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May 11, 2020
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Rapaport News
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Dominion Owes Creditors $820M
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Dominion Diamond Mines owes a combined CAD 1.2 billion ($820 million) to banks and other creditors, according to a court document it filed as part of its insolvency petition.While a large portion is due to businesses in the Northwest Territories, where...
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Mining
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May 06, 2020
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Rapaport News
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Dominion Insolvency ‘Puts Diavik Mine at Risk’
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A subsidiary of Rio Tinto has voiced concern over the continuity of the Diavik mine after its joint-venture partner in the project was granted protection from creditors. The insolvency order obtained in late April by Dominion...
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Mining
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May 03, 2020
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Rapaport News
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Dominion Asks for More Time to Repay Debts
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Dominion Diamond Mines has requested an extension to the insolvency protection it was awarded last week, stating that it needs more time to restructure its finances or find new investment.The miner asked the Alberta Court of the...
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Mining
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Apr 28, 2020
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Rapaport News
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Dominion Files for Insolvency Protection
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Dominion Diamond Mines has filed for and received insolvency protection, a month after suspending operations at its Ekati deposit in Canada due to the coronavirus pandemic.The company was granted protection from its creditors under...
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Mining
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Apr 23, 2020
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Rapaport News
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Heavy Debt Looms over Mining Shutdown
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A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.The warning comes after several miners announced...
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Mining
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Apr 23, 2020
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Leah Meirovich
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Rio Tinto Stands By Production Forecast
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Rio Tinto has maintained its diamond-production outlook for 2020 despite market shutdowns due to the coronavirus pandemic.The miner expects to produce between 12 million to 14 million carats from its Argyle mine in Australia and its...
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Mining
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Apr 19, 2020
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Rapaport News
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