The Washington Companies and Dominion Diamond Corporation have formally announced the completion of of the previously-announced plan of arrangement, under which Northwest Acquisitions ULC, an entity affiliated with Washington, acquired all of the issued and outstanding common shares of DD Corp for US$ 14.25 per share in cash.

Dominion will operate as a standalone, private company led by The Washington Companies, a group of privately held North American mining, industrial and transportation businesses founded by industrialist and entrepreneur Dennis R. Washington.

Patrick Evans has been appointed Chief Executive Officer, effective immediately, while the Dominion Board of Directors has been reconstituted. The new directors possess a mix of relevant business and mining expertise, including Rolin Erickson, President of Montana Resources, a copper and molybdenum mine owned by Washington.

Patrick Evans, CEO of Dominion, said that the new team will work relentlessly to help realize the long-term potential of Dominion’s world-class assets, “specifically by extending the life of the Ekati mine, investing to develop the Jay Project and reinvigorating our exploration program”.

Describing this as “an exciting day for Dominion Diamond and The Washington Companies”, Lawrence R. Simkins, President of Washington said, “We fully support Dominion’s existing strategy and its exceptional employees, and we are confident that Dominion will continue to offer long-term benefits to all of the Company’s stakeholders.”

Dennis Washington, Founder, said, “The Washington Companies and Dominion Diamond have proven track records as responsible, innovative operators. With today’s closing, I am excited to join forces with Dominion as well as with our respected partner at the Diavik mine – Rio Tinto. We look forward to owning and operating Dominion for decades to come, with a focus on maintaining safe and prosperous business operations in the Northwest Territories.”

Pic caption: The Ekati Diamond Mine
Pic courtesy: Dominion Diamond Mines