Dominion Diamond to increase interest in the Ekati diamond mine

theflyonthewall.com

Dominion Diamond announced that it has entered into an agreement with FipkeCo to acquire FipkeCo's 10% participating interests in the Ekati Diamond Mine. The Ekati Mine property consists of the Core Zone, which includes the current operating mine and other permitted kimberlite pipes, as well as the Buffer Zone, an adjacent area hosting kimberlite pipes with both development and exploration potential. FipkeCo will sell its 10% interest in the Core Zone for $50M, subject to adjustments to reflect joint venture contributions and distributions since June 30, 2012, as well as interest from that date. FipkeCo will sell its 10% interest in the Buffer Zone for $17M, subject to adjustments to reflect joint venture contributions and distributions since June 30, 2012, as well as interest from that date. The purchase price would be payable in cash on closing.

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