Dominion Diamond (TSX:DDC; NYSE: DDC) is going ahead with a major investment to extend the mine life at its majority owned Ekati diamond mine in the Northwest Territories by 13 years.
The US$647 million investment involves developing the Jay kimberlite pipe deposit, following a recent feasibility study, which should help push Ekati’s mine life to 2033.
The large, high grade deposit sits beneath Lac du Sauvage, a medium sized lake north of Lac de Gras, and is about 1.2 km offshore. It benefits from being near existing operations and infrastructure, sitting 7 km from the existing Misery Road and 25 km from the Ekati main camp.
The study forecasts development to occur between 2017 and 2021, after receiving final permits for the project early next year.
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