Dominion Diamond Mines Provides Update on Ekati Mine and Sale Process
Dominion Diamond Mines ULC ("Dominion" or the "Company") announced today that it will be recalling approximately 60 furloughed employees effective early December, 2020 in order to prepare for an anticipated restart of the Ekati Mine.
Dominion has been informed by the banks that comprise its senior secured lenders and an ad hoc group of holders of Dominion's second lien notes that they expect to be able to reach a binding agreement in the near future to restructure Dominion's debt and fund the Company. In anticipation of the parties reaching such an agreement, Dominion has determined to recall these employees given necessary lead times required to mobilize the workforce while adequately complying with COVID-19 isolation protocols.
In connection with the employee recall, the Company continues to take necessary precautions to maintain a safe and healthy work environment for its employees and the communities in the Northwest Territories.
Pursuant to an order from the CCAA Court, Dominion is protected from its creditors until December 15, 2020. Copies of the applicable Court orders and other Court materials and information related to the Company's CCAA proceedings are available on the website maintained by FTI, which has been appointed by the Court as Dominion's Monitor to oversee the CCAA proceedings: cfcanada.fticonsulting.com/Dominion.
Any binding agreement to restructure Dominion would be subject to, among other things, CCAA Court approval. To date, no binding agreement has been entered into between the parties.
About Dominion Diamond Mines
Dominion Diamond Mines ULC is a Canadian mining company and one of the world’s largest producers and suppliers of premium rough diamond assortments to the global market. The company owns a controlling interest in the Ekati Diamond Mine, which it operates, and owns 40% of the Diavik Diamond Mine. The company also holds a controlling interest in the Lac de Gras Diamond Project. The Ekati and Diavik Diamond Mines, and the Lac de Gras Diamond Project are located in the Northwest Territories of Canada. In addition to its mining and exploration operations, Dominion has offices in Canada, Belgium and India.
For more information, please visit www.ddmines.com and Dominion’s private investor portal, or contact investor@ddcorp.ca.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201113005708/en/
Contact
Rebecca Hurl
Rebecca.Hurl@ddcorp.ca
403-797-0486
Sard Verbinnen & Co
Jared Levy/Liz Zale
DominionDiamond-SVC@sardverb.com
