Ekati Mine Owners' Debts Total $281m
May 07, 26
(IDEX Online) - Owners of the Ekati diamond mine, in Canada, have debts totaling more than CAD 380 million (USD 281 million), according to a creditor list of more than 200 names published as part of its insolvency proceedings.
The biggest single debt is to the government financing program that agreed rescue loans last December and again in March of this year, totaling CAD 175 million (USD 130 million).
Arctic Canadian Diamond Company (ACDC), a subsidiary of the Australian-owned Burgundy Diamond Mines, filed for insolvency protection last week.
The creditor list shows it has CAD 287.3 million (USD 213 million), in secured debt and CAD 93.3 million (USD 69 million), in unsecured claims.
ACDC is reported to be working on a "restructuring strategy" and to be seeking approval for a court-supervised sale of the mine, located in the Northwest Territories (NWT).
Caitlin Cleveland, NWT industry, tourism and investment minister, said on Monday (4 May) that her government is "closely monitoring the court proceedings and will continue to advocate for the interests of northern workers and communities as this process unfolds."
Ekati's workforce has more than halved since 2024, down from 700 to 340.
Pic of Ekati mine, courtesy