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DDC - Dominion Diamond News Story

$14.24 -0.0  -0.1%

Last Trade - 01/11/17

Sector
Basic Materials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £497.4m
Position in Universe th / 6841

Patrick Evans to be new CEO of Canada's Dominion Diamond

Thu 10th August, 2017 2:50am
Aug 9 (Reuters) - Patrick Evans, the former chief executive 
of Mountain Province Diamonds  MPVD.TO , will become the new CEO 
of Dominion Diamond Corp  DDC.TO  once a deal to purchase the 
Canadian diamond company closes later this year, he said on 
Wednesday.  
    Dominion, the world's third largest diamond producer by 
market value, has been looking for a CEO since January when its 
former head, Brendan Bell, quit.  urn:newsml:reuters.com:*:nL1N1FK0RC 
    Last month Dominion agreed to a $1.2 billion takeover offer 
from U.S. billionaire Dennis Washington that will take private 
the Canadian-based diamond miner. Washington Companies said at 
the time that it would appoint a new CEO.  urn:newsml:reuters.com:*:nL3N1K841M 
    "I've joined Washington Companies and I'll be taking over as 
CEO of DDC (Dominion Diamond Corp) at closing," Evans said in an 
email in response to a question from Reuters. 
    The deal, which requires approval from more than two-thirds 
of Dominion shareholders, is expected to close in the fourth 
quarter. A competing bid for Dominion is unlikely, analysts have 
said.  
    Neither Dominion nor Washington could immediately be reached 
for comment.  
    Dominion, which owns a majority stake in the Ekati diamond 
mine in Canada's Northwest Territories and a minority share of 
the nearby Diavik mine, launched a sales process for the company 
in March following an initial unsolicited approach from 
Washington. 
    Evans left Mountain Province, which owns the Gahcho Kue mine 
in Canada's Northwest Territories in a joint venture with Anglo 
American's  AAL.L  diamond unit De Beers, in June.     
 
 (Reporting by Nicole Mordant in Vancouver; Editing by Sandra 
Maler) 
 ((nicole.mordant@thomsonreuters.com; +1-778-374-3854; Reuters 
Messaging: nicole.mordant.thomsonreuters.com@reuters.net)) 
 
Keywords: DOMINION DIAMOND CEO/
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