Burgundy Diamond Mines Announces Receivership of Ekati Mine
Key points
- Ekati Diamond Mine, wholly owned by Arctic Canadian, enters receivership
- Sales and investment process failed to secure funding
- Receiver appointed by Supreme Court of British Columbia
- Burgundy to assess implications and strategic options
Full summary
Burgundy Diamond Mines Limited (ASX: BDM) has announced that the sales and investment solicitation process for its wholly-owned subsidiary, Arctic Canadian Diamond Company Limited (Arctic Canadian), has concluded without securing the necessary funding. As a result, Arctic Canadian, which operates the Ekati Diamond Mine, has entered receivership. The Government of the Northwest Territories applied for and obtained the appointment of a receiver. Burgundy CEO Jeremy King expressed disappointment for the workforce, stakeholders, and communities. The Board of Burgundy will assess the implications for the Company and consider strategic options.
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