US EditionNorthern mine lands $115M federal loan as global diamond prices face tariff hit
The $115 million federal loan aims to stabilize Ekati mine operations and preserve over 600 jobs as U.S. tariffs and market shifts reduce diamond prices, officials said.
- On Dec. 18, 2025, Ottawa announced a loan to Arctic Canadian Diamond Company Ltd., owner/operator of Ekati mine in Lac de Gras, Northwest Territories, to keep operations running.
- U.S. tariffs on gem and jewellery imports from India have driven down global diamond prices, and Burgundy Diamond Mines Ltd. said tariffs compounded those declines over the past year.
- Ekati employs more than 600 workers and hundreds of contractors, including over 200 Indigenous workers, while Burgundy laid off staff at Point Lake open pit in July and mining continued at Misery underground site.
- Ottawa is extending relief through its Large Tariff Enterprise Loan Program, a $10-billion fund set up in March that was widened in September to prioritize worker retention and previously gave Algoma Steel $400 million.
- Finance Minister François-Philippe Champagne said the loan will offer `stability` and support jobs, sustaining more than 600 Ekati employees plus hundreds of additional contractors in the Northwest Territories diamond sector.
20 Articles
20 Articles
OTTAWA—The owner of a mine in the Northwest Territories will receive a loan of $115 million from the federal government to maintain its operations, while U.S. tariffs weigh on the global diamond market. Arctic Canadian Diamond Company, a subsidiary of the Australian company Burgundy Diamond Mines, operates the Ekati mine in the Lake of Gras region of the Northwest Territories, approximately 300 km northeast of Yellowknife. According to Finance C…
U.S. tariffs weigh heavily on the global diamond market. The post A diamond mine gets a $115 million loan to help deal with tariffs appeared first on Les Affaires.
Ottawa gives Burgundy huge $115M loan to keep Ekati operating
After months of financial trouble, the NWT's Ekati diamond mine is receiving a massive $115-million loan from a federal fund designed to counter US tariffs. The post Ottawa gives Burgundy huge $115M loan to keep Ekati operating first appeared on Cabin Radio.
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