The Ekati diamond mine in the Northwest Territories, Canada, has been at the center of a complex ownership and debt dispute. In 2023, Arctic Canadian Diamond Company Ltd. acquired the mine from Dominion Diamond Mines, which had entered creditor protection. The purchase involved significant debt obligations to various creditors, including the Government of the Northwest Territories and private lenders.
According to verified reports, Arctic Canadian owes approximately $100 million to the territorial government, related to reclamation and closure costs. Additionally, the company has debts to other creditors, such as equipment suppliers and former employees. The exact total owed is subject to ongoing negotiations and court proceedings.
The mine, which began operations in 1998, has faced financial challenges due to declining diamond prices and operational costs. In 2024, Arctic Canadian sought creditor protection under the Companies' Creditors Arrangement Act (CCAA) to restructure its debts. This has led to questions about who will be repaid and how much.
As of May 2026, the situation remains fluid, with court-supervised restructuring efforts underway. The territorial government has emphasized the importance of ensuring reclamation liabilities are addressed, while creditors await repayment plans. The outcome will impact the local economy, which relies heavily on the mining sector.
