Nunavut regulator seeks reports from Jericho mine owner

Shear Diamonds, which owns the Jericho mine, is being told by Nunavut regulators to get its paperwork together.

The company bought the defunct mine south of Cambridge Bay in 2010 but has since failed to submit any quarterly or annual reports or updates as required by the Nunavut Impact Review Board.

NIRB first asked the company for the outstanding reports in August but the Shear Diamonds didn't respond.

"We're trying to maintain a dialogue but not getting a lot of direct response," said Ryan Barry, executive director of the Nunavut Impact Review Board.

"I think it's fair to say that because the project certificate that we've issued was issued with the expectation that the mine would come into operation, there may be some disagreement or difference of opinion on some of the items and whether or not they're required to be submitted when the project's in a care and maintenance period."   

Shear Diamonds bought the mine site after the previous owners ran into money trouble.

The company hoped to reopen the mine but announced this past fall that wouldn't happen anytime soon.

Shear also announced this fall that it defaulted on a loan and several board members, along with the company's chief financial officer, have quit.

Stock prices have dropped to four cents, down from 45 cents in March.

No one from Shear Diamonds is responding to calls or emails.