News

Advanced Search

Rio Tinto Not Interested in Buying Out Dominion

Jun 16, 2020 8:42 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... 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 subsidiary Diavik Diamond Mines (DDMI), also has no interest in buying Dominion’s Ekati mine, it noted.

“DDMI does not seek to interfere with or participate in the Ekati marketing process and does not seek to bid for Dominion’s interest in the Diavik mine or the Ekati mine,” Rio Tinto said in court documents filed with Canada’s Alberta Court of Queen’s Bench on May 28.

Dominion filed for insolvency protection in April amid a shutdown of operations due to the coronavirus pandemic. Last month, it signed a letter of intent to sell its assets to an affiliate of the Washington Companies, which purchased Dominion for $1.2 billion in 2017. That deal is subject to court approval, and will exclude Diavik if the miners cannot reach an agreement.

Image: The Diavik mine. (Dominion Diamond Mines)
Tags: DDMI, diavik diamond mines, Dominion, Dominion Diamond Mines, ekati, Ekati mine, Rapaport News, Rio Tinto, Washington Companies
Similar Articles
Mountain Province Northern Lights 140Mountain Province Output Slides in 2020
Jan 14, 2021
Mountain Province’s share of production at the Gahcho Kué mine fell 4% to 3.2 million carats in 2020 as the
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.