Dominion Diamond reaches agreement to sell substantially all its assets

Struggling miner Dominion Diamond Mines, which filed for insolvency protection last month, has reached an agreement to sell substantially all its assets in a transaction that will allow mining operations at Ekati to resume and avoid bankruptcy.

The company signed a letter of intent (LoI) with an affiliate of The Washington Companies, under which an entity to be managed by Washington will acquire Dominion’s assets for $126-million in cash and the assumption of substantially all its operating liabilities.