Owner of Ekati diamond mine in N.W.T. files for creditor protection
The company says it owes about $650 million and cannot meet payroll without new funding as diamond prices fall more than 70% in a year.
- Arctic Canadian Diamond Company filed for creditor protection under the Companies' Creditors Arrangement Act in the Supreme Court of British Columbia on Friday, seeking a temporary shield from creditors suing or seizing assets.
- Global factors, including plummeting diamond prices and U.S. tariffs, forced the filing, ACDC said. Prices fell more than 70 per cent within a year, dropping from around $125 per carat to around $33 by December 2025.
- ACDC owes around $650 million in total debt and failed to raise at least $25 million in new equity by Friday, a requirement to access the remainder of a $175 million federal loan.
- Industry, Tourism and Investment Minister Caitlin Cleveland said Monday that the Northwest Territories government is monitoring the situation. "Our priority right now is people," Cleveland stated.
- The filing occurs as the Northwest Territories' diamond industry faces a waning future; the Diavik mine ended production in March and the Gahcho Kué mine is preparing for end-of-life, with reclamation costs estimated at $428 million.
28 Articles
28 Articles
NWT diamond mine in jeopardy, owner seeks insolvency protection in B.C. court - Creston Valley Advance
The fate of the Ekati diamond mine won’t be known for at least another week, after the mine’s owner filed for insolvency protection in the Supreme Court of British Columbia. Protection under the Companies’ Creditors Arrangement Act (CCAA) allows for businesses to come up with a plan to figure out finances so creditors can be paid, if they ever will be, and temporarily stops creditors from either suing or seizing assets. Ekati has been in operati…
NWT diamond mine in jeopardy, owner seeks insolvency protection in B.C. court - Fort St. James Caledonia Courier
The fate of the Ekati diamond mine won’t be known for at least another week, after the mine’s owner filed for insolvency protection in the Supreme Court of British Columbia. Protection under the Companies’ Creditors Arrangement Act (CCAA) allows for businesses to come up with a plan to figure out finances so creditors can be paid, if they ever will be, and temporarily stops creditors from either suing or seizing assets. Ekati has been in operati…
NWT diamond mine in jeopardy, owner seeks insolvency protection in B.C. court - Grand Forks Gazette
The fate of the Ekati diamond mine won’t be known for at least another week, after the mine’s owner filed for insolvency protection in the Supreme Court of British Columbia. Protection under the Companies’ Creditors Arrangement Act (CCAA) allows for businesses to come up with a plan to figure out finances so creditors can be paid, if they ever will be, and temporarily stops creditors from either suing or seizing assets. Ekati has been in operati…
NWT diamond mine in jeopardy, owner seeks insolvency protection in B.C. court - Vanderhoof Omineca Express
The fate of the Ekati diamond mine won’t be known for at least another week, after the mine’s owner filed for insolvency protection in the Supreme Court of British Columbia. Protection under the Companies’ Creditors Arrangement Act (CCAA) allows for businesses to come up with a plan to figure out finances so creditors can be paid, if they ever will be, and temporarily stops creditors from either suing or seizing assets. Ekati has been in operati…
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NWT diamond mine in jeopardy, owner seeks insolvency protection in B.C. court
The fate of the Ekati diamond mine won’t be known for at least another week, after the mine’s owner filed for insolvency protection in the Supreme Court of British Columbia. Protection under the Companies’ Creditors Arrangement Act (CCAA) allows for businesses to come up with a plan to figure out finances so creditors can be paid, if they ever will be, and temporarily stops creditors from either suing or seizing assets. Ekati has been in operati…
NWT diamond mine in jeopardy, owner seeks insolvency protection in B.C. court - Northern Sentinel
The fate of the Ekati diamond mine won’t be known for at least another week, after the mine’s owner filed for insolvency protection in the Supreme Court of British Columbia. Protection under the Companies’ Creditors Arrangement Act (CCAA) allows for businesses to come up with a plan to figure out finances so creditors can be paid, if they ever will be, and temporarily stops creditors from either suing or seizing assets. Ekati has been in operati…
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