Arctic Canadian Diamond Company Ltd. Announces New Ownership, Interim President, and Appointment of Advisor on Aboriginal and Northern Affairs – Financial Post
CALGARY, Alberta — Arctic Canadian Diamond Company Ltd. (“Arctic” or the “Company”) completed the sale of the Ekati Mine and associated assets from Dominion Diamond Mines to Arctic, a company formed and owned by funds and accounts managed by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC., effective February 4, 2021. Arctic has acquired substantially all of Dominion’s assets, excluding Dominion’s interest in the joint venture agreement and liabilities relating to the Diavik Diamond Mine. The Company has successfully completed recalling all furloughed employees and returned to production on January 20, 2021.
“We believe Arctic has a bright and successful future ahead,” said Eric Hoff, of DDJ, speaking on behalf of the new owners. “We look forward to working with the executive team and thank all the employees, our communities, suppliers and other partners for their patience and resilience. The company is also pleased to announce the appointment of Rory Moore as Interim President to lead the organization while the search for a permanent CEO is completed.”
