Dominion Diamond Extends Life of Diavik Diamond Mine

Dominion Diamond said the life of the Diavik diamond mine located in Canada’s Northwest Territories, which it co-owns with Rio Tinto (RIO) has been extended to 2025 from 2023. Dominion has a 40% interest in the Diavik mine with Rio Tinto owning 60% and operating the mine through its Diavik Diamond Mines unit.

The companies estimate that 46.0 million carats will be recovered between 2017 and 2025, an increase of 6.3 million carats or 16%, from the previous estimate for the comparable period, Dominion said in an Securities and Exchange Commission filing.

The company said the forecast is for total revenue of about $9.0 billion and total operating cash flow of about $3.7 billion between 2017 and 2025, an increase of 22% and 32%, respectively, compared with earlier estimates.

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