The move is an effort to cut operational overhead
Dominion Diamond Corporation is moving its headquarters in Canada—from Yellowknife, Northwest Territories, to Calgary, Alberta—to reduce operating costs and “support the long-term strength of the company,” according to a statement the company released on Nov. 7.
The move is expected to be complete by the middle of 2017, and with it, the company “expects to realize savings of approximately 19 million Canadian dollars [roughly $14 million] annually.”
The company “remains committed” to continuing its ongoing operations at the Ekati mine without interruption.” Dominion Diamond Corporation will maintain a smaller office in Yellowknife for “certain key positions.”
“Although this was not an easy decision, it is necessary to support the long-term strength and viability of our operations,” said company CEO Brendan Bell in a statement. “The Ekati mine is a pillar of the Northwest Territories economy, and this cost reduction effort will allow us to continue to provide northern employment opportunities and benefits well into the future. I can assure our northern partners that we remain committed to the people and communities of the North and will continue to set industry standards for northern and aboriginal employment and sustainable development.”
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