In February 2021, Arctic Canadian Diamond Company Ltd. (“Arctic”) acquired the Ekati Diamond Mine and associated assets and liabilities from Dominion Diamond Mines. Arctic was formed and is owned by a syndicate of investment funds comprising DDJ Capital Management, Brigade Capital Management and Western Asset Management Company, LLC. A brief overview of the history of predecessor companies to Arctic follows:-
Aber Diamond Corporation (later Harry Winston Diamond Corporation, Dominion Diamond Corporation, and ultimately Dominion Diamond Mines) is formed.
Discovery of Diavik Diamond Mine.
Diavik rough diamond production starts in January. First sale of rough diamonds in March.
Aber acquires 51 percent of Harry Winston Inc., a luxury jewelry and watch retail brand.
Aber brings ownership of Harry Winston Inc. to 100 percent.
The Company changes its name from Aber Diamond Corporation to Harry Winston Diamond Corporation and lists on the New York Stock Exchange.
The Company announces agreement to purchase the Ekati Diamond Mine.
The Company divests Harry Winston Inc. and acquires a controlling interest in the Ekati Diamond Mine, taking on the new name Dominion Diamond Corporation.
The Company becomes a part of the Washington Companies, under the name of Dominion Diamond Mines.
Arctic Canadian Diamond Company Ltd. acquires Ekati with associated assets and liabilities from Dominion Diamond Mines.
Ekati Diamond Mine
The Ekati Diamond Mine (named after the Tlicho word meaning ‘fat lake’) is Canada’s first surface and underground diamond mine.