Arctic Blue Diamonds Secures Majority Stake in WO Project
Deal News | Jul 09, 2025 | PR Newswire Cision Arctic Blue Diamonds Ltd.
Arctic Blue Diamonds Ltd. announced the acquisition of an 89.7% controlling interest in the WO Diamond Project, home to the substantial DO27 kimberlite. This strategic acquisition involved purchasing stakes from Peregrine Diamonds Ltd., a subsidiary of De Beers Canada Inc., and Archon Minerals Ltd. The DO27 kimberlite, known for its large, high-grade deposits, occupies a significant position in Canada's diamond-bearing region, mapped and drilled extensively to reveal rich mineral resources. Arctic Blue, part of the Arctic Blue Group, holding diamond marketing rights, plans to utilize Underwater Remote Mining technology from IHC Mining to optimize extraction from the soft and low-density ore of DO27. This method promises economic and environmental efficiency, enhancing the project's potential to extend the life of existing diamond plants or establish a new facility. The ongoing exploration points toward lucrative opportunities in strengthening Arctic Blue's position in the diamond industry.
Sectors
- Mining
- Jewelry Retail
Geography
- Canada – The WO Diamond Project and the DO27 kimberlite are located in Canada's Northwest Territories, central to Arctic Blue's mining operations.
- Netherlands – IHC Mining, a division of Royal IHC based in the Netherlands, has developed the URM technology discussed in the article.
Industry
- Mining – The article discusses the acquisition of a diamond mining project and associated extraction technologies.
- Jewelry Retail – Arctic Blue is part of a group that includes an online diamond jewelry retailer, emphasizing the integration of upstream and downstream operations in the diamond supply chain.
Financials
- 89.7% – The percentage of WO Diamond Project interest acquired by Arctic Blue Diamonds Ltd.
- US$72/carat – The assumed average rough diamond price in the original 2008 mineral resource evaluation.
- US$90 - US$100/carat – The projected updated average rough diamond price based on recent indices.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Arctic Blue Diamonds Ltd. | Acquirer | Company | A private NWT corporation focusing on diamond mining, part of the Arctic Blue Group. |
| Peregrine Diamonds Ltd. | Vendor | Company | A subsidiary of De Beers Canada Inc., previously held a 72.1% interest in the WO Diamond Project. |
| De Beers Canada Inc. | Parent company of Vendor | Company | A major player in the diamond industry, owning the selling subsidiary, Peregrine Diamonds Ltd. |
| Archon Minerals Ltd. | Vendor | Company | Previously owned a 17.6% interest in the WO Diamond Project. |
| Arctic Blue LLC | Other company | Company | An online diamond jewelry retailer and part of the Arctic Blue Group. |
| IHC Mining | Technology provider | Company | Developed URM technology for efficient and sustainable underwater mining operations. |
| Patrick Evans | Executive Chair | Person | Executive Chair at Arctic Blue Diamonds Ltd., manages strategies and decisions regarding the company's operations. |