The owner of The Ekati Diamond Mine in the Northwest Territories says it has filed for insolvency protection.
Australia-based Burgundy Diamond Mines Ltd., says the Supreme Court of British Columbia has granted its Canadian subsidiary protection under the Company Creditors Arrangement Act.
Burgundy says the filing was due to a number of factors, including U.S. tariffs on the natural diamond industry and increasing fuel costs.
It says it plans to use the CCAA process to engage in discussions with its lenders, creditors and other stakeholders as well as look at restructuring options.
The Northwest Territories’ diamond industry is in its waning days; a mine owned by Rio Tinto marked its last day of production in March and another owned by De Beers and Mountain Province is preparing for its end-of-life in the coming years.
N.W.T. Industry Minister Caitlin Cleveland says she understands the news around Ekati creates uncertainty and that the government will be advocating for the interests of northern workers and communities as the court proceedings unfold.
This report by The Canadian Press was first published May 4, 2026.
