Industry News by Nemesis

Dominion Buys Out Section of Ekati Mine

June 8, 2017

Dominion Diamond Corporation has bought out the buffer zone of its Ekati mine from Archon Minerals Limited, its partner in the joint venture, the miner reported Monday.

The buffer zone is a section of the Ekati project containing 106 mining leases. Of the 150 kimberlite pipes discovered to date at the Canada mine, 38 are in that sub-section, Dominion explained. 

Until now, Dominion owned the zone jointly with Archon. Under the deal, however, Archon will relinquish its stake in exchange for a royalty worth 2.3% of all future revenue from the diamonds the zone produces, and Dominion will own the area in its entirety. The miner also holds 88.9% of Ekati’s core zone.

 

Source: Rapaport

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