Sunday August 9, 2020

Desmond buys $50m of diamonds to bail out Mountain Province

The Irish businessman’s Canadian mine company is in ‘serious financial difficulty’ after Covid-19 shut traditional markets for rough diamonds

Barry J Whyte

Chief Feature Writer

@whytebarry
11th June, 2020
Dermot Desmond owns 32 per cent of shares in Mountain Province

Dermot Desmond has stepped in to buy $50 million worth of diamonds from Mountain Province, his Canadian diamond mine company, which is in “serious financial difficulty”.

Mountain Province disclosed the sale to the stock market earlier this week. The diamonds were bought by Dunebridge Worldwide, a Bahamas-based company controlled by Desmond.

The transaction will be structured in two parts, according to Mountain Province, with a deal for $22 million worth of diamonds closed today...

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