Charles "Chuck" Fipke, one of the founders of Canada's first diamond mine, Ekati, is selling his remaining stakes in the Arctic mine for $67 million, purchaser Dominion Diamond Corp said on Wednesday. Fipke, along with his partner geologist Stewart Blusson, found evidence of diamond-bearing rock in Canada's North West Territories in the early 1990s, sparking a staking rush and the eventual establishment of Canada's first diamond mine in 1998.Toronto-based Dominion, which bought out mining giant BHP Billiton Plc's stake in Ekati last year, said the sale ends Fipke's financial involvement in the mine.Through his company C. Fipke Holdings Ltd, Fipke holds a 10 percent stake in Ekati's core zone, which contains the current operating mine. He also owns a 10 percent stake in the so-called buffer zone, an adjacent exploration area containing diamond-bearing kimberlite pipes.Fipke, who has switched diamond prospecting for breeding and racing thoroughbreds, will sell his core zone stake for $50 million and his holding in the buffer zone for $17 million, Dominion said. Both amounts are subject to possible adjustments for interest and joint venture contributions.
Dominion Diamond Corporation, formerly Harry Winston Diamond Corporation, is focused on the mining and marketing of rough diamonds to the global market. Shares of DDC traded higher by 1.75% or $0.25/share to $14.52. In the past year, the shares have traded as low as $11.81 and as high as $15.22. On average, 228706 shares of DDC exchange hands on a given day and today's volume is recorded at 311526.
Dominion Diamond Corporation, formerly Harry Winston Diamond Corporation, is focused on the mining and marketing of rough diamonds to the global market. Shares of DDC traded higher by 1.44% or $0.22/share to $15.48. In the past year, the shares have traded as low as $12.31 and as high as $16.83. On average, 152116 shares of DDC.TO exchange hands on a given day and today's volume is recorded at 127456.
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