A look inside the finances of Dominion Diamonds, the mine company now under court protection – by Alex Brockman (CBC News North – April 25, 2020)

https://www.cbc.ca/news/canada/north/

When the Washington Companies, a U.S.-based conglomerate bought Dominion Diamonds in 2017, a curtain fell over one of the world’s largest diamond companies and significant employers in the Northwest Territories.

After the sale, Dominion became a private business and faced far fewer requirements on what it had to share with the public, and was able to operate with little scrutiny as it ran the Ekati mine and a 40 per cent stake in Diavik, two of the territory’s three diamond mines.

For the past three years, the company hummed along, freed from the obligation to report on its business to shareholders or the public.

But that changed this week, as the company filed for creditor protection when it became clear it could not pay its debts.

Kristal Kaye, the company’s chief financial officer laid out the situation in nearly 150 pages of court documents that offer a glimpse into the international diamond trade, Dominion’s financial situation, and spell out how the company contributes to the Northwest Territories’ economy.

For the rest of this article: https://www.cbc.ca/news/canada/north/dominion-diamonds-court-protection-finances-1.5544804

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