Struggling miner Dominion Diamond Mines, which filed for insolvency protection last month, has reached an agreement to sell substantially all its assets in a transaction that will allow mining operations at Ekati to resume and avoid bankruptcy.
The company signed a memorandum of understanding with an affiliate of The Washington Companies, under which an entity to be managed by Washington will acquire Dominion’s assets for $126-million in cash and the assumption of substantially all its operating liabilities.