Canadian Mining Journal

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FOR SALE – New owners sought for Jericho diamond mine

NUNAVUT - TAHERA DIAMOND CORP. of Toronto has retained the services of BLAIR FRANKLIN CAPITAL PARTNERS to seek buye...


NUNAVUT – TAHERA DIAMOND CORP. of Toronto has retained the services of BLAIR FRANKLIN CAPITAL PARTNERS to seek buyers for the money-losing Jericho diamond mine. Mining was suspended at the end of January, and Tahera sought bankruptcy protection.

The company announced an operating loss of $45.5 million during Q3 2007 and a net loss of $143.1 million for the first nine months of last year.

Moreover, Tahera has announced that it will not be able to file its 2007 audited financial states and related discussions by the March 31, 2008, deadline. The annual meeting will also be postponed.

TECK COMINCO of Vancouver is Tahera’s largest shareholder. It invested $30 million in Tahera, and was forced to take a $22-million writedown in Q4 2007. Teck Cominco president and CEO Don Lindsay responded to questioning during his company’s Q4 conference call by saying that Teck Cominco has no further interest in diamonds because of the strong Canadian dollar.

To investigate the possibility of owning your own diamond mine, contact Blair Franklin in Toronto at 416-368-1211 or 866-272-2117, or send e-mail to info@blairfranklin.com.


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