Tahera Diamond
Encyclopedia
Tahera Diamond Corporation was a Canadian
diamond mining company headquartered in Toronto
, Ontario
. Tahera's Jericho Diamond Mine
was Canada's third, and Nunavut
's first, diamond mine.
Tahera opened the Jericho mine in 2006. During production Tahera had a diamond marketing alliance with Tiffany & Co.
In 2007 the company reported financial losses due to operational difficulties, the high value of the Canadian dollar, high oil prices, and the short operating season of the Tibbitt-Contwoyto winter road
in 2006.
In mid-January 2008, Tahera filed an application for protection from creditors, and in February it suspended its mining operations. Ore processing and diamond recovery continued until ore stockpiles were exhausted. In September 2008, a private Vancouver-based company announced a Plan Sponsorship Agreement with Tahera; however, in November Tahera announced that the Plan Sponsor's conditions were not met and the agreement fell through.
As of March 30, 2010 the company remains in a stay period under the Companies' Creditors Arrangement Act (CCAA). The company obtained court approval for the process of selling the Jericho Diamond Mine and other assets on 15 January 2010, and consequently opened a sales website.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
diamond mining company headquartered in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
. Tahera's Jericho Diamond Mine
Jericho Diamond Mine
The Jericho Diamond Mine is a dormant diamond mine located in Canada's Nunavut territory. Jericho is Nunavut’s first and only diamond mine. It is located northeast of Yellowknife, Northwest Territories and is accessible by air all year and by winter road from Yellowknife...
was Canada's third, and Nunavut
Nunavut
Nunavut is the largest and newest federal territory of Canada; it was separated officially from the Northwest Territories on April 1, 1999, via the Nunavut Act and the Nunavut Land Claims Agreement Act, though the actual boundaries had been established in 1993...
's first, diamond mine.
Tahera opened the Jericho mine in 2006. During production Tahera had a diamond marketing alliance with Tiffany & Co.
Tiffany & Co.
Tiffany & Co. is an American jewelry and silverware company. As part of its branding, the company is strongly associated with its Tiffany Blue , which is a registered trademark.- History :...
In 2007 the company reported financial losses due to operational difficulties, the high value of the Canadian dollar, high oil prices, and the short operating season of the Tibbitt-Contwoyto winter road
Tibbitt to Contwoyto Winter Road
Tibbitt to Contwoyto Winter Road is an annual ice road first built in 1982 to service mines and exploration activities in the Northwest Territories and Nunavut in Northern Canada. Between long, the road is said to be the world's longest heavy haul ice road and operates for eight to ten weeks...
in 2006.
In mid-January 2008, Tahera filed an application for protection from creditors, and in February it suspended its mining operations. Ore processing and diamond recovery continued until ore stockpiles were exhausted. In September 2008, a private Vancouver-based company announced a Plan Sponsorship Agreement with Tahera; however, in November Tahera announced that the Plan Sponsor's conditions were not met and the agreement fell through.
As of March 30, 2010 the company remains in a stay period under the Companies' Creditors Arrangement Act (CCAA). The company obtained court approval for the process of selling the Jericho Diamond Mine and other assets on 15 January 2010, and consequently opened a sales website.