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Dominion Diamond raises stake in Buffer Zone Joint Venture
The rise in stake follows a decision by the minority partner to not participate in the full fiscal year 2017 capital program for the Joint Venture
By: Diamond World News Service
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Feb 5 2017 10:42AM
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Reference: 13869  

DecreaseIncrease
Dominion Diamond Corporation announced that its participating interest in the Buffer Zone Joint Venture at the Ekati Diamond Mine has increased from 65.3 percent to 72.0 percent, effective as of February 1, 2017, in accordance with the joint venture agreement relating to the Buffer Zone.

The increase in ownership is the outcome of a decision by the minority partner to not participate in the full fiscal year 2017 capital program for the Buffer Zone Joint Venture. The company has funded those elements of the program that were not funded by the minority partner.

The Buffer Zone Joint Venture contains 106 mining leases covering 89,184 ha, and includes the Jay and Lynx kimberlite pipes. On July 6, 2016, the company released the results of a positive feasibility study on the Jay project.

The Buffer Zone Joint Venture and the Core Zone Joint Venture are the two joint ventures of the Ekati mine. The company holds 88.9 percent in the Core Zone Joint Venture and 72.0 percent in the Buffer Zone Joint Venture. All of the production in fiscal year 2017 was sourced from the Core Zone.

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