Canada: Burgundy to Buy the Ekati Diamond Mine

Arctic Canadian Diamond Company (ACDC) , the current owner of the Ekati Diamond Mine in Canada, has announced that it sold the mine to Burgundy Diamond Mines for $136 million, according to IDEX Online.

 

ACDC acquired the mine, located 200 km south of the Arctic Circle,  from Dominion Diamonds in February 2021 after the latter filed for insolvency. Ekati, Canada’s first surface and underground diamond mine, began commercial production in October 1998.

 

Michael O’Keefe, Burgundy’s executive chairman, said the purchase was “a genuine game-changer” for both companies and added: “This exciting acquisition completes Burgundy’s vertically integrated business model; bringing some of the world’s most beautiful diamonds to market from discovery through to design.”

 

Burgundy “is currently reviving” the Ellendale mine in Western Australia – once the largest producer of Fancy yellow diamonds.

 

Credit: Newscast

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