Companies
Desmond set to rescue diamond mining company from default
Credit ratings company Fitch has downgraded Canada-based Mountain Province, of which the billionaire is the major shareholder
Dermot Desmond will likely have to step in again to bail out Mountain Province Diamonds, his beleaguered Canadian diamond mining company, according to a recent financial analysis.
Fitch, the international credit ratings company, has downgraded Mountain Province, arguing that the company could become even more dependent for its survival on Desmond, the billionaire who is its major shareholder.
Fitch’s report last week reduced the company’s issuer default rating, a measure of a company’s vulnerability to ...
