Friday August 14, 2020

Desmond stumps up $50 million for diamond firm

Mountain Province, the businessman’s struggling diamond mine company, is in ‘serious financial difficulty’, directors confirm, due to Covid-19-related market closure

Barry J Whyte

Chief Feature Writer

@whytebarry
14th June, 2020
Dermot Desmond‘s diamond mine company, Mountain Province, is in ’serious financial difficulty‘.

Last week, Dermot Desmond had to put his hand in his pocket to help out Mountain Province, his struggling diamond mine company. According to stock exchange filings, the billionaire businessman stumped up $50 million through a Bahamas-based company called Dunebridge Worldwide.

The circumstances were pressing, Mountain Province revealed in a press release. Its directors “unanimously found that that the company is in serious financial difficulty”.

That’s probably not surprising. The Covid-19 lockdown has shut...

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