The deal is dependent on financing and the approval of Burgundy's shareholders, which is expected in late April.
An announcement from Arctic says the sale will secure continued operations and longevity for the mine.
Ekati, located approximately 300 kilometres northwest of
As of
"I believe that this transaction is a significant positive development for Ekati and for the North,"
"The hard work of our people has led to a return to steady state profitable operations and successfully demonstrated the longer-term value of the Ekati asset that attracted Burgundy to this transaction."
Arctic bought Ekati in
Burgundy said the life of the mine is expected to end in 2028. Like Arctic, it said it intends to explore options to extend the mine's life, including underwater remote mining and the development of the Jay deposit or Fox underground.
"We are confident that both Burgundy and Ekati have a very bright future and we expect this transaction will create significant value for all stakeholders,"
This report by The Canadian Press was first published
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