Ammolite mined from Southern Alberta's St. Mary River valley. (Supplied by Robert Weldon/Korite International)

By David Opinko

Southern Alberta ammolite mining company under new ownership

Dec 23, 2020 | 11:55 AM

LETHBRIDGE, AB – The new owners of Korite International hope to turn the company around and focus on a new direct-to-consumer model.

The Calgary-based company, which mines for ammolite at several sites south of Lethbridge, is the world’s leading producer of ammolite jewelry and gemstones.

Clear North Capital Holdings (CNC) has partnered with Korite’s new CEO and President David Lui.

Lui says the change in ownership structure came after the company filed for creditor protection earlier this year, but thanks to the involvement of CNC’s CEO Cody Church, they have successfully emerged from that status.

“[Church] has a wealth of experience and knowledge about different businesses and environments and capital raising and operations. He’ll be a great contributor to the growth of Korite.”

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Lui has been with Korite since May 2020, saying he saw a “gem of the opportunity” with its many strengths.

“A 40-year history, 90 percent of the world’s resources is mined from Korite, it’s a well-respected brand around the world, and really celebrating the heritage of Alberta.”

“Lethbridge is the only part of the world that is found with this quality and colours of ammolite and ammonite.”

Lui and Church have been working together to make the company’s operations more efficient, adding that they have had plenty of time to do this since mining work was shut down in the spring due to Alberta’s COVID-19 restrictions.

It is Lui’s hope that they will be able to restart mining operations and reclamation work in Spring 2021.

In the meantime, he has been focusing on giving Korite a more direct-to-consumer focus when it comes to their products.