Thu, Jun. 23, 2:58 PM
- Dominion Diamond (DDC +1.5%) says it has contained a fire that broke out at its Ekati diamond mine processing plant in Canada’s Northwest Territories, with no injuries reported.
- BMO Capital analysts say the main concern now will be the extent of any damage and potential impact to production; as production ramps up on DDC's Misery diamond pipe, any processing delays are likely to hurt cash flows projected for that pipe, the firm says.
- The mine recovered 1.1M carats from 1M metric tons of processed ore during Q1.
Dec. 24, 2015, 11:43 AM
- Dominion Diamond (DDC +2.8%) says two of its independent directors have resigned, as its board faces shareholder pressure for a shakeup.
- The departures come just days after a group of shareholders said DDC’s shares are significantly undervalued and called on the company’s independent directors to deal with the "misguided policies and missed opportunities" that have hurt their investment.
- DDC owns the Ekati diamond mine and a 40% share of Diavik, Canada’s largest diamond mine, both in the Northwest Territories.
Dec. 22, 2015, 12:45 PM
Dec. 22, 2015, 10:32 AM
- Dominion Diamond (DDC +22.4%) surges following reports that it has hired financial advisers to explore a possible sale.
- DDC has been targeted by a group of shareholders led by Toronto-based K2 Principal Fund, which sent a letter to its board yesterday criticizing the company’s management and business strategy; DDC says K2 has requested a meeting, and the company says it "looks forward to an open dialogue."
- K2 and the investor group, which collectively holds 5.4% of DDC’s shares, says the stock price has suffered “excessively and unnecessarily as a result of misguided policies and missed opportunities."
- BMO analyst Edward Sterck, who sees the investor group as seeking to get one of its nominees on the board, views DDC as a well-run company that could act to support its share price with a buyback at or below current levels.
Jul. 9, 2014, 11:42 AM
- Dominion Diamond (DDC +2.2%) agrees to acquire C. Fipke Holdings' 10% participating interests in the Ekati Diamond Mine at a price equivalent to the price paid to BHP Billiton in 2013 for its interests.
- BMO analyst Edward Sterck thinks it's a good deal for Dominion, as he values 10% of the core zone at $91M, a significant premium to the $50M - plus another $17M for a stake in the buffer zone - DDC is offering.
- The big unknown is the buffer zone, where the undeveloped "Jay pipe” offers potential for the future; a feasibility study is ongoing, but Sterck estimates development of Jay for ~$1B could boost DDC’s net present value by 25%.
Mar. 25, 2013, 12:40 PM
Harry Winston Diamond (HWD -1.7%) is downgraded to Market Perform by BMO due to valuation, saying the stock is trading at attractive forward EV/EBITDA multiples but also reasonably priced relative to the execution risk related to the Ekati transaction. If release of the Ekati mine plan confirms the firm's estimates and forward valuation multiples, further upside potential should be unlocked.| Mar. 25, 2013, 12:40 PM
Jan. 17, 2013, 12:47 PM
Harry Winston Diamond’s (HWD -2.3%) $500M acquisition of a majority stake in the Ekati mine is challenged by minority owner Chuck Fipke, who discovered the property in the Northwest Territories; he claims his pre-emptive rights to buy the stake from BHP Billiton are not being upheld, and that HWD is “complicit" in the alleged non-compliance.| Jan. 17, 2013, 12:47 PM
Jan. 14, 2013, 5:38 PM
Jan. 14, 2013, 2:32 PM
While retailing luxury goods turns over more cash, mining diamonds can be more profitable, so Harry Winston (HWD +5.4%) is getting out of the luxury retail business and returning to its mining roots. The sale means HWD is now cashed up for future purchases, and a deal to buy Rio Tinto’s (RIO) 60% stake in the Diavik mine is “an obvious one" to consider if the price is right, CEO Robert Gannicott says.| Jan. 14, 2013, 2:32 PM
Jan. 14, 2013, 9:09 AM
Jan. 14, 2013, 8:12 AM
Shares of Harry Winston Diamond (HWD) move up 8.9% premarket to $15.75 after Swatch Group agrees to buy the brand from HW Holdings. The move by Swatch into North America will give Tiffany (TIF), Zale (ZLC), and Signet (SIG) another rival to worry about with Swatch gaining a reliable source for diamonds for its watch business.| Jan. 14, 2013, 8:12 AM | 1 Comment
Dec. 7, 2012, 8:26 AM
Shares of Harry Winston Diamond (HWD) fall 9.1% premarket after the company boosted sales in its mining and luxury businesses during Q3 but issues guidance below the expectations of analysts. The shine might be off shares a bit after the firm revealed it wasn't in any active talks to sell itself after tipping off in October it received indications of interest.| Dec. 7, 2012, 8:26 AM
Nov. 16, 2012, 9:58 AM
Harry Winston Diamond (HWD -2%) shareholders may want to keep an eye open for fireworks ahead, as self-proclaimed activist hedge fund Starboard Value stated in a filing that it owned 1.3M HWD shares as of Sept. 30, or ~1.5% of the company. Starboard has engaged in 45 proxy fights since 1999, but has kept silent so far on its HWD stake.| Nov. 16, 2012, 9:58 AM
Nov. 13, 2012, 9:57 AM
Harry Winston Diamond (HWD -2.1%) agrees to buy BHP Billiton’s (BHP -1.2%) diamonds business for $500M, as BHP elects to get out of the diamond business because it could not build up enough scale to make it worthwhile. The deal includes BHP’s 80% stake in the rich Ekati diamond mine in the Northwest Territories, along with its diamond marketing business.| Nov. 13, 2012, 9:57 AM
Oct. 18, 2012, 3:45 PM
Oct. 17, 2012, 11:17 AM
Harry Winston Diamond (HWD +7%) is looking to sell its watch and jewelry business to concentrate on its mining business, and has been approaching potential buyers such as luxury groups LVMH and PPR, Reuters reports. HWD, which owns 40% of Canada's Diavik diamond mine, posted a lower quarterly profit and said luxury demand has slowed.| Oct. 17, 2012, 11:17 AM