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Diamond Diamond Corporation posts surety bonds for Ekati
The bonds are worth CDN$253,473,000
By: Diamond World News Service
Nov 8 2014 11:31AM
Reference: 10806  

Canadian mining major, Dominion Diamond Corporation announced that Dominion Diamond Ekati Corporation, the operator of the Ekati Diamond Mine, has posted surety bonds with the Government of the Northwest Territories, worth an aggregate amount of CDN$253,473,000, to secure the obligation under its Water Licence to reclaim the Ekati mine site.

Following posting the surety bonds, the company has been returned letters of credit of around CDN$82.6 million previously posted as security. Letters of credit worth around CDN$42.7 million will be with the GNWT as security for reclamation and related activities at the Ekati Diamond Mine pending completion of further reviews by the government.

The surety bonds have been issued by a consortium of insurance companies led by Zurich Insurance Company Ltd and including ACE INA Insurance and AVIVA Insurance Company of Canada. Rothschild advised DDC on the transaction. The current annual average cost of the bonds is 1.3 percent.

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