The owner of the troubled Ekati Diamond Mine in the Northwest Territories has filed for insolvency protection as it continues to face economic and geopolitical headwinds.
Australia-based Burgundy Diamond Mines Ltd. said the Supreme Court of British Columbia has granted its Canadian subsidiary, Arctic Canadian Diamond Co. Ltd., protection under the Company Creditors Arrangement Act, putting its creditors temporarily at bay while it restructures or finds a different path forward.
“The CCAA filing was necessitated by a number of factors, including the ongoing adverse impact of U.S. tariffs on the natural diamond industry, sustained challenging demand conditions being experienced by all natural rough diamond producers globally and…