The impending closure of the insolvent Ekati diamond mine is a “deeply disappointing outcome” for workers, shareholders and communities in the Northwest Territories, said the chief executive of Australia-based Burgundy Diamond Mines. “Ekati has made an extraordinary contribution to the territory for more than 25 years as a major private-sector employer and through its long-standing relationships with Indigenous communities and local businesses,” Jeremy King said in an announcement posted to the Australian Stock Exchange. The Supreme Court of British Columbia granted the Canadian arm of Burgundy, Arctic Canadian Diamond Company Ltd., protection from creditors in May. Since then, Burgundy said it reached out to a broad range of potential investors and counterparties. “Despite an extensive process to identify new investment or a transaction, no viable proposal was received,” King said…. <\/p>\n
The impending closure of the insolvent Ekati diamond mine is a “deeply disappointing outcome” for workers, shareholders and communities in the Northwest Territories, said the chief executive of Australia-based Burgundy Diamond Mines. “Ekati has made an extraordinary contribution to the territory for more than 25 years as a major private-sector employer and through its long-standing relationships with Indigenous communities and local businesses,” Jeremy King said in an announcement posted to the Australian Stock Exchange. The Supreme Court of British Columbia granted the Canadian arm of Burgundy, Arctic Canadian Diamond Company Ltd., protection from creditors in May. Since then, Burgundy said it reached out to a broad range of potential investors and counterparties. “Despite an extensive process to identify new investment or a transaction, no viable proposal was received,” King said.... <\/p>\n