- Global miner Rio Tinto is seeking court approval to sell its partner’s share of diamonds from a mine in Canada’s Northwest Territories, a filing this week showed, hoping to recover around C$120 million plus legal fees and other costs.
Rio owns 60% of Diavik Diamond Mines Inc and says it is owed C$119.5 million plus about C$2.4 million in fees by junior partner Dominion Diamond ULC. Closely held Dominion sought creditor protection in April, saying it could not afford Rio’s cash calls amid coronavirus-related disruptions in the global diamond industry.
DDMI said in court filings that Dominion has not repaid cover payments and “has no intention of doing so” and that it would be “unjust and inequitable” to not permit DDMI to recover the amounts owing to it in accordance with its joint venture agreement.
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