Dominion Diamond Mines, a Calgary, Alberta-based diamond mining company with ownership interests in two large diamond mines in the Northwest Territories, filed for protection under the CCAA on April 22, listing approximately $70.2 million (USD) and $110.9 million (CAD) in liabilities.
The company has historically supplied rough diamonds to the global market through its sorting operations in India and a sales centre in Belgium. It has been one of Canada’s largest independent diamond producers and one of the largest private employers in the Northwest Territories.
The global COVID-19 shutdown of commercial trade and travel in March has effectively frozen the company's ability to move its rough diamond inventory, worth nearly $200.0 million, from the two mines to the company's sorting facilities in India for further movement for eventual sale on the world market.
The company's inability to generate revenues from ordinary course sales of diamond inventory has resulted in an urgent liquidity crisis and the company is unable to meet its obligations as they generally become due.
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