Tahera hands over Jericho diamond mine to Canadian govt.

While some companies are facing the economic slowdown by cutting investments and costs, some like Tahera Diamonds – which has been operating under bankruptcy protection since January, failed to find a buyer for its Jericho diamond mine located in Canada's North. It has had to hand over the mine operations to the Canadian government. Tahera has terminated all its existing staff and is also expected to close its Toronto office, soon.

The company had suspended operations at the said mine in February and was looking for a buyer since then. It has now received court approval to cease operations at the mine. So far, as per reports, Ottawa's Department of Indian and Northern Affairs had taken over the diamond mine, where the present Tahera employees will be retained to undertake care and maintenance at the mine.

The company has acquired an extension until January 23 for its credit protection under the Companies' Creditors Arrangement Act, and plans to use this time period for selling its other assets.