Arctic Canadian Diamond Files for CCAA Protection, Citing US Diamond Tariffs

Arctic Canadian Diamond Company Ltd. (ACDC) obtained CCAA protection from the Supreme Court of British Columbia on May 1, 2026. Burgundy Diamonds (Canada) Limited, a related entity, received a non-applicant stay under the initial order. FTI Consulting was appointed monitor, and Blake, Cassels & Graydon LLP serves as counsel.

ACDC owns and operates the Ekati Diamond Mine in Canada's Northwest Territories. The company attributed the filing to the adverse impact of US tariffs on natural diamonds, depressed global rough diamond demand, and higher fuel costs. Burgundy Diamond Mines Limited, the Australian parent (ASX: BDM), requested a trading halt on its shares in September 2025 and reduced staffing that year. Ottawa had previously extended a $115 million Large Enterprise Tariff Loan to support operations. During the CCAA process, ACDC intends to continue mining at Ekati while engaging lenders and creditors to evaluate financial and operational restructuring alternatives.