Australian miner Rio Tinto is now the sole owner of the Diavik Diamond Mine in Canada after the Court of Queen’s Bench of Alberta greenlighted the ownership transfer, the company announced recently. 

Rio Tinto previously owned 60 per cent of the mine while Dominion Diamond Mines held a 40 per cent share. Rio Tinto now exclusively owns the mine.

With production at Diavik expected to end in 2025, its predominantly white gem-quality diamonds with Canadian provenance continue to be highly sought after in major markets globally, according to Rio Tinto.

Rio Tinto Minerals Chief Executive Sinead Kaufman commented, “Diavik will now move forward with certainty to continue supplying customers with high-quality, responsibly sourced Canadian diamonds and making a significant contribution to the Northwest Territories of Canada and local communities. As owner and operator, Rio Tinto is committed to delivering Diavik’s eventual closure safely and responsibly, to leave a positive legacy in consultation with our community and government partners.”

In April 2020, Dominion Diamond Mines filed for insolvency protection under the Canadian Companies’ Creditors Arrangement Act. Under the terms of the transaction, Rio Tinto has acquired all remaining Diavik assets held by Dominion. In return, Rio Tinto has released Dominion and its lenders from all outstanding liabilities and obligations to fund the operations or closure of the joint venture.

Rio Tinto has operated Diavik since in 2003. Located approximately 300 km north-east of Yellowknife, the mine employs over 1,100 employees, of which 17 per cent are Northern Indigenous people. In 2020, it produced 6.2 million carats of rough diamonds.