Arctic Canadian Diamond Company has sold the Ekati Mine and other assets from Dominion Diamond Mines to Arctic, a business owned by DDJ Capital Management, Brigade Capital Management and Western Asset Management Company. No financial terms were disclosed. Calgary-based Arctic is a producer of rough diamond assortments.
CALGARY, Alberta–(BUSINESS WIRE)–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.”
Rory Moore is a diamond geologist with 35 years of international experience in diamond exploration and executive management. He has experience in a major mining company, running junior public companies, raising venture capital and managing a private international consultancy. He is a graduate of the University of Cape Town, South Africa where he completed a Ph.D. in Geochemistry in 1986. Mr. Moore also serves as Vice President of Exploration and Project Development for Arctic.
Arctic has also appointed Wally Schumann as a senior advisor on Aboriginal and Northern Affairs to the Board and Management.
“It is my pleasure to welcome the new owners and Mr. Schumann to the Arctic team,” said Rory Moore, Interim President. “They join the Company at a very exciting time as we embark on the next stage of our journey with Ekati and renew mutually beneficial relationships with our employees, stakeholder communities in the North, the Government of the Northwest Territories, suppliers and customers.”
“I am very pleased to be working closely with Arctic,” said Wally Schumann. “My appointment strengthens Arctic’s commitments to the Northern communities and helps deliver positive economic results for all parties involved.”
DDJ is a privately held asset manager based in Waltham, Massachusetts that specializes in investments within the leveraged credit markets. Founded in 1996, DDJ currently manages over $8 billion in assets on behalf of corporate and public defined benefit plans, Taft-Hartley plans, mutual fund sponsors, foundations, and other domestic and foreign institutional investors. For more information, please visit www.ddjcap.com.
Brigade Capital Management, LP, founded in 2006, is a global asset management firm that specializes in employing a multi-strategy, multi-asset class approach to investing across the broad credit universe, with $30 billion in assets under management and 111 employees globally, including a seasoned investment team with significant industry-specific experience. Brigade, headquartered in New York with a global footprint that includes offices in London and Tokyo, is an SEC registered investment adviser and one of the largest independent alternative asset managers focused on credit. Brigade currently manages a diverse capital base for institutional investors. Brigade’s global investment platform is focused on below investment grade credit strategies. The firm employs a disciplined investment process across all strategies which has been proven over numerous market cycles. For more information, please visit www.brigadecapital.com.
Western Asset Management is one of the world’s leading fixed-income managers. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed-income sectors. Founded in 1971, Western Asset has been recognized for an approach emphasizing team management and intensive proprietary research, supported by robust risk management. For more information, please visit www.westernasset.com.
About Arctic Canadian Diamond Company Ltd. (formerly Dominion Diamond Mines)
Arctic Canadian Diamond Company Ltd. 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. The company also holds a controlling interest in the Lac de Gras Diamond Project. The Ekati Diamond Mine, and the Lac de Gras Diamond Project are located in Canada’s Northwest Territories. In addition to its mining and exploration operations, Arctic Canadian Diamond Company Ltd. has offices in Canada and Belgium.