"The filings put at risk hundreds of jobs and millions of dollars in promised payments to Indigenous communities, casting doubt on the long-term future of the mine."
"The court granted the company legal protection, giving it at least until May 11 a temporary shield from creditors either suing for or seizing assets."
"The company received a $175-million worth of loans from the federal government to ensure operations remain ongoing and jobs were protected."
"N.W.T. MP Rebecca Alty expressed concern over the situation at Ekati, emphasizing that the federal government's main focus is on the mine's employees."
Arctic Canadian Diamond Company, operator of Ekati Diamond Mine, filed for creditor protection after diamond prices fell over 70%. This situation threatens hundreds of jobs and payments to Indigenous communities. The company, a subsidiary of Burgundy Diamond Mines, received $175 million in federal loans to maintain operations. The mine, which opened in 1998, has seen its workforce decline from 700 to 340 employees. The government is monitoring the situation and is prepared to support affected workers.
Read at www.cbc.ca
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