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MISSOULA, Mont. (AP) — The Montana-based Washington Companies has an agreement to buy a Canadian diamond mining company for $1.2 billion.
Shareholders of Dominion Diamond Corp. and Canadian investment regulators must approve the deal, which offered shareholders $14.25 cash per share. The company's board of directors unanimously supports the sale.
Dominion Diamond has a controlling interest in the Ekati Mine and a 40 percent stake in the Diavik Mine, which both produce gem-quality diamonds in the Northwest Territories. The Missoulian reports (http://bit.ly/2uEGCAf) the Ekati Mine produced 5.2 million carats of rough diamonds in Fiscal 2017 while Dominion received 2.7 million carats of rough diamonds from its share of the Diavik Mine in 2016.
Washington Cos. President Lawrence Simkins says Dominion Mines owns the "CanadaMark" trademark, an assurance the diamonds are responsibly mined and unaltered by heat-treating or cavity filling.