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Canada’s Ekati Diamond Mine to Get a New Owner
Australian mining company Burgundy Diamond Mines announced plans to buy the mine in a deal valued at $136 million.
Workers in the underground portion of the Ekati Diamond Mine, which is currently owned by Arctic Canadian Holdings LLC. On Tuesday, Burgundy Diamond Mines announced plans to buy Ekati from Arctic for $136 million. (© 2017 Dominion Diamond Mines)
Calgary, Alberta—The Ekati Diamond Mine in Canada’s Northwest Territories is poised to change hands again.
On Tuesday, Burgundy Diamond Mines Ltd. announced it had entered into an agreement with Arctic Canadian Holdings LLC to buy Arctic Canadian Diamond Co. Ltd. and Arctic Canadian Marketing N.V. in a deal valued at $136 million.
The acquisition is subject to shareholder approval and other customary closing conditions.
The Arctic Companies are the owners of Ekati, handling both mining at the site as well as the sorting, marketing, and sales of rough diamonds from the mine.
The Arctic Companies are comprised of a trio of investment firms that purchased the mine in 2021 following the collapse of Dominion Diamond Corp. during the COVID-19 pandemic.
Based in Perth, Western Australia, Burgundy is the company reviving the Ellendale Mine in Western Australia.
Burgundy CEO Kim Truter called the acquisition “exciting and transformational,” noting it has the potential to generate greater returns for the company’s shareholders.
It also will make Burgundy the largest diamond company listed on the Australian Stock Exchange, and one of the largest listed globally, the company said.
“The acquisition of Ekati is complementary to Burgundy; we’ve been purchasing rough fancy-colored diamonds from Ekati in recent years, then cutting and polishing them in our facilities in Perth to go into high-end jewelry designs, as part of our vertically integrated business model,” he said.
“We view this acquisition as a wonderful marriage between Burgundy and the Arctic Companies, delivering immediate and meaningful production to our portfolio, with potential synergies to leverage and efficiencies to capitalize on in the short term.”
Ekati, a name that means “fat lake” in the First Nations language of Tilcho, has been in operation since October 1998, with exploration and development activity at the site dating back to 1981.
There are two active mining operations at Ekati, the Sable open pit and the Misery underground.
In 2022, the mine sold 4.2 million carats with an average price of $117/carat. The Arctic Companies’ revenue totaled $494 million.
Burgundy noted the current global supply and demand trends, “support a favorable long-term pricing outlook for rough diamonds.”
The current life-of-mine plan calls for Ekati, which is located about 125 miles south of the Arctic Circle, to operate until 2028. The plan includes the addition of a new open-pit development at Point Lake.
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