Thu, Sep. 8, 5:24 PM
Wed, Sep. 7, 5:35 PM
Thu, Aug. 18, 5:34 PM
Wed, Jul. 6, 11:24 AM
- Dominion Diamond (DDC +1.1%) says it will proceed with development of the Jay project at its majority-owned Ekati diamond mine, based on positive results of a feasibility study, as it focuses on developing its core assets in Canada's Northwest Territories.
- DDC continues to estimate that repairs at the Ekati mine process plant will take three months from the June 23 fire, which it expects to cost ~C$25M.
- DDC also says it plans to buy back up to 6.15M common shares, or ~7.2% of currently issued and outstanding shares, and that CFO Ron Cameron will step down on July 15, with Controller Cara Allaway taking over as interim CFO.
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.
Mon, Jun. 13, 5:23 PM
- Dominion Diamond (NYSE:DDC) fell 5% in today's trade after RBC downgraded shares to Sector Perform from Outperform with an $11 price target, lowered from $13, citing a challenging outlook for DDC's Jay project and a lackluster diamond market.
- RBC says that while a feasibility study for Jay - an expansion of the Ekati diamond mine - could be ready by mid-July, achieving the company's minimum 15% internal rate of return appears to be proving difficult.
- The firm foresees price in the rough diamond market softening in the summer while possibly firming later in the year, "but with a leading bank looking to pull back further from midstream funding, risks remain."
Wed, Jun. 8, 5:38 PM
Tue, Jun. 7, 5:35 PM
Wed, May 25, 5:58 PM
Wed, Apr. 13, 5:10 PM
Tue, Apr. 12, 5:35 PM
Tue, Feb. 23, 5:22 PM
- Dominion Diamond (NYSE:DDC): Q4 Revenue of $178.1M (-26.0% Y/Y)
Thu, Jan. 14, 11:33 AM
- Just over three weeks after a group of activist investors called for change, Dominion Diamond (DDC -0.5%) says executive chairman Robert Gannicott will step down and be replaced by mining industry veteran Jim Gowans, who will take over as non-executive chairman no later than April 30.
- DDC also names Josef Vejvoda, a portfolio manager at the Toronto-based K2 - which led the activist group - to its board, and says it will continue an existing search process to identify an additional independent director to join it.
- Gowans was CEO of De Beers Canada during 2006-10 and more recently was co-president and COO of Barrick Gold.
- BMO Capital analyst Edward Sterck says he expects the board to review spending on the Jay pipe at the Ekati mine in the Northwest Territories, after the activists had expressed concern about DDC’s capital allocation decisions and overall business strategy.
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.