In 2006, the Jericho Diamond Mine opened as Nunavut's first diamond mine. Mine construction was substantially completed during 2005 and the first diamonds were produced in January 2006. Commercial production began in July, 2006. The mine life was estimated at 9 years. In September, 2007 Tahera entered into an amending agreement for its credit facility with Tiffany & Co. which deferred all scheduled payments of principal and interest under the credit facility until December 31, 2007. In November, 2007 Tahera filed a Preliminary Prospectus for a Rights Offering in order to raise additional capital on the open market. In January, 2008 Tahera filed for creditor protection after it failed to raise $40 million in equity financing. Also in January they announced that they would suspend mining activities to preserve the company's existing cash position and fuel inventory while they worked on a previously announced re-structuring plan. In late 2008 INAC took over care and maintenance of the site to ensure that appropriate steps would be taken to address potential adverse effects on the environment. While various alternatives have been evaluated, by various companies, there have been no new/firm developments, and efforts to re-start the mine have not succeeded. The Jericho Mine site was closed for the winter in September, 2009. Regular security and environmental monitoring have occurred over the winter. Contact: |
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