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Dominion Ekati 150
Dominion to Sell Ekati Mine for $126M
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...
Mining Sep 17, 2020 Rapaport News
Rio Tinto Argyle Pink Tender 150
Rio Tinto Kicks Off Penultimate Pink Tender
Rio Tinto will offer a record-breaking diamond at its penultimate pink-diamond tender as it prepares to close the Argyle mine.The 2.24-carat, fancy-vivid-purplish-pink diamond, known as Argyle Eternity, will headline the Argyle Pink Diamonds Tender, which has...
Polished Markets Sep 03, 2020 Leah Meirovich
Mining Ekati 150
Mining Sell-Off Highlights Sector’s Woes
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...
Mining Aug 06, 2020 Leah Meirovich
Rio Tinto
Losses Deepen at Rio Tinto’s Diamond Unit
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...
Mining Jul 29, 2020 Rapaport News
Rio Tinto
Rio Tinto Grants Rough Buyers Flexibility
Rio Tinto has given customers flexibility with their rough purchases since the Covid-19 crisis began, allowing them to buy only what they needed.“We provided full flexibility for all our customers and...
Mining Jul 28, 2020 Leah Meirovich
Rio Tinto
Rio Tinto Output Slides in First Half
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...
Mining Jul 19, 2020 Rapaport News
Dominion Diavik mine
Dominion Sues Rio Tinto over Handling of Diavik
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...
Mining Jun 17, 2020 Rapaport News
Rough diamonds in a loupe.
Rio Tinto Not Interested in Buying Out Dominion
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...
Mining Jun 16, 2020 Rapaport News
Dominion
Dominion to Sell Assets in Bid to Avoid Bankruptcy
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...
Mining May 24, 2020 Rapaport News
Dominion
Court Orders Release of Dominion’s Diamonds
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...
Mining May 11, 2020 Rapaport News
Dominion insolvency
Dominion Insolvency ‘Puts Diavik Mine at Risk’
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...
Mining May 03, 2020 Rapaport News
Dominion
Dominion Asks for More Time to Repay Debts
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...
Mining Apr 28, 2020 Rapaport News
Rapaport Research Report April Cover
Rough Market Faces Its Toughest Year Yet
As the diamond market considers its options during the industry-wide lockdown, manufacturers in India are planning a freeze on rough imports. The move has precedent. Back in 2008, as financial markets collapsed, India imposed a one-month moratorium...
Rough Markets Apr 28, 2020 Avi Krawitz
Dominion 552
Dominion Files for Insolvency Protection
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...
Mining Apr 23, 2020 Rapaport News
Miners
Heavy Debt Looms over Mining Shutdown
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...
Mining Apr 23, 2020 Leah Meirovich
Rio Tinto
Rio Tinto Stands By Production Forecast
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...
Mining Apr 19, 2020 Rapaport News
Rio Tinto
Govt. Allows Mining at Argyle to Continue
Mining at Rio Tinto’s Argyle deposit in Australia is proceeding as usual, despite a lockdown amid the coronavirus pandemic.The company has received full approval from the Western Australian state government to continue its production operations prior...
Mining Apr 06, 2020 Leah Meirovich
Miners coronavirus
Production Continues as Miners Fight Virus Impact
Alrosa, Petra Diamonds and Lucara Diamond Corp. are among the companies putting special procedures in place in preparation for a possible coronavirus outbreak, while still continuing operations at their mines.Alrosa, which has not had...
Mining Mar 19, 2020 Leah Meirovich
Star Diamond
Star Diamond Sues Rio Tinto over Canada Deal
Star Diamond Corporation has started legal proceedings against Rio Tinto, accusing the mining giant of failing to comply with the terms of a joint-venture agreement.In 2017, Rio Tinto closed a deal with the Canadian miner,...
Mining Mar 09, 2020 Rapaport News
Argyle pinks
Rio Tinto Diamond Revenue Drops in 2019
Revenue from Rio Tinto’s diamond division slid 11% to $619 million in 2019 as prices for rough diamonds weakened, the miner reported Wednesday. The diamond unit recorded a net loss of $21 million, compared with...
Mining Feb 26, 2020 Rapaport News
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