A fire at the Ekati min in Canada has resulted in plant closure and an estimated $15 million in repaires, nearly doubling Dominion Diamond Corporation’s loss in its fiscal second quarter.
Net loss attributable to shareholders widened 82 per cent to $32.9 million in the three months that ended July 31, the miner reported. Diamond sales fell 24 per cent to $160 million.
The process plant at Ekati was closed following the incident. Operations are to resume September 21.
A $6.4 million decline in the value of inventory attributed to the loss. An adverse impact of foreign exchange resulted in $8.8 million for income-tax expenses.
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
