KMG Gold Buyer Blog: Gold Buyer Reviews and Information on Buying and Selling Gold

Precious Metal Recycling

Monday, March 20, 2023

Ekati Diamond Mine Sold in $187 Million Dollar Deal

March 16, 2023

The Ekati Mine in Canada’s Northwest Territories has found a new owner who is keen to extend its life.

Arctic Canadian Diamond Company has entered into a binding share purchase agreement with publicly traded Australian company, Burgundy Diamond Mines, Ltd. The Perth-based company, which owns and operates a diamond cutting and polishing facility, has agreed to acquire 100 per cent of Arctic Canadian’s assets (including, notably, Ekati Diamond Mine) for $187 million (US$136 million).

The sale, which comes just over two years after Calgary-based  Arctic Canadian purchased Ekati from Dominion Diamond Mines, will, ideally, lead to continued operations and longevity for the mine, Arctic Canadian said in a statement.

The company has a workforce of approximately 1,100 people, many of whom are from local communities in the North.

“I am optimistic about the future of Arctic Canadian,” says the company’s chief financial officer, Kristal Kaye. “This equity-based investment by Burgundy will greatly improve the financial foundation of the company and our goal of extending mine life at Ekati, while continuing to provide employment opportunities for many people in Northern communities.”

Post-transaction, Burgundy says it will focus on optimizing Ekati’s performance and extending its life through, among other things, underwater remote mining and systematic exploration using newly applied machine learning technology (i.e. artificial intelligence).

“The transaction is a genuine game-changer for both Burgundy and Arctic Canadian,” says Burgundy’s executive chair, Michael O’Keefe.

“I believe this transaction is a significant positive development for Ekati and for the North,” adds Rory Moore, president and CEO of Arctic Canadian.

The proposed transaction is subject to financing and the approval of Burgundy’s shareholders, which is expected in late April of this year.

“I want to acknowledge and thank our current owners for facilitating the restart of operations at Ekati in early 2021,” Moore adds. “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.”

Posted by Michael Gupton at 4:03 PM 0 Comments

Thursday, January 19, 2023

KMG Gold Recycling Hours of Operation

January 1, 2023
Winnipeg MB
KMG Gold Recycling at 1220 Pembina Hwy, East side, just north of McGillivray, at Waterford Ave in Winnipeg, Manitoba operating hours buying gold, silver, platinum and palladium, jewelry, dental gold and gold bars.
Store Hours:
Monday: 10:00 AM to 4:00 PM
Tuesday: 10:00 AM to 4:00 PM
Wednesday: 10:00 AM to 4:00 PM
Thursday:10:00 AM to 4:00 PM

Friday: Closed
Saturday: Closed
Sunday: Closed
Posted by Michael Gupton at 1:55 PM 0 Comments

Monday, November 15, 2021

New 1220 Pembina Hwy Store Hours

November 15, 2021: KMG Gold Recycling at 1220 Pembina Hwy, East side, just north of McGillivray, at Waterford Ave in Winnipeg, Manitoba has extended their operating hours buying gold, silver, platinum and palladium, jewelry, dental gold and gold bars.
Store Hours:
Monday: 10:00 AM to 4:00 PM
Tuesday: 9:00 AM to 5:00 PM
Wednesday: 9:00 AM to 5:00 PM
Thursday: 9:00 AM to 5:00 PM
Friday: 9:00 AM to 5:00 PM
Saturday: 10:00 AM to 4:00 PM
Sunday: Closed,

Posted by Michael Gupton at 12:04 PM 0 Comments

Tuesday, October 26, 2021

620 Academy Road Location Moves to 1220 Pembina Hwy

October 26, 2021 Winnipeg
KMG Gold Recycling location at 620-C Academy Rd has closed its doors after 10 years and has moved to the head office at 1220 Pembina Hwy. All of the services offered at Academy Rd are available at the new location.

Posted by Michael Gupton at 12:57 PM 0 Comments

Friday, August 20, 2021

City of Winnipeg Kills Cash For Gold Business


No More Cash For Gold

City of Winnipeg Precious Metals Dealer By-Law Kills Cash For Gold

Recent changes made by council to the City Of Winnipeg Doing Business in Winnipeg By-law require that KMG Gold Recycling® now must conduct business exclusively by "commercial transaction".

On July 22, 2021, City of Winnipeg Council passed amendments to the Doing Business in Winnipeg By-law No. 91/2008.

The amendments require licensed Precious Metals Dealers to ensure that goods they buy are not disposed of until at least 30 days have elapsed after reporting the purchase to the Chief of Police. The previous time period for holding purchases after reporting to police was 15 days.

Holding purchases for 15 days was a reasonable time for the police to investigate and search for stolen items amongst our purchases. It was also a reasonable amount of time for us to cooperate with law enforcement.

30 days is unreasonable.

Not being able to sell the gold jewellery that we purchase for 30 days, in the volitile precious metals market is economically unviable.

Therefore, effective immediately, we shall conduct all business exclusively by "commercial transaction".



Don't like it?

Neither do we.

Contact the decision makers:

The Doing Business In Winnipeg By-law is available online HERE

If you are selling stolen property, please go to any of our competitors who pay cash and don't require I.D. or the travelling gold buyers that set up just outside the city limits so they don't require a license.

This by-law Amendment has nothing to do with mitigating crime and everything to do with power.

Posted by Michael Gupton at 3:59 PM 0 Comments