Thanks to recent efforts to consolidate its mining operations in the Northwest Territories and some savvy decisions on Gannicott's part, the Toronto -
headquartered diamond producer is quickly becoming Canada's answer to Luxembourg - based De Beers.
He should know: He's been around mining for close to 50 years, and he has built Dominion into North America's only significant
pure diamond producer by combining deep industry acumen with unabashed opportunism and razor - sharp timing.
And De Beers, the world's
top diamond producer, saw sales during the first half of the year fall by more than 50 %, to US$ 1.7 billion.
It is one of the world's
major diamond producers through its 100 per cent control of the Argyle mine in Australia, 60 per cent of the Diavik mine in Canada, a 78 per cent interest in the Murowa mine in Zimbabwe.
Of course, in subsequent press releases, this has been quickly elevated to «our JV partner Alrosa, the
biggest diamond producer in the world.»
The diamond producer expects as much as 48 percent of the proceeds will find its way to the company's bottom line, Chief Executive Officer William Lamb said in an interview with Bloomberg News.