Here’s everyone owed money by the insolvent Ekati diamond mine

A creditor list published this week as part of the Ekati diamond mine’s insolvency proceedings runs to more than 200 names and paints a detailed picture of who stands to lose money if the mine’s owner cannot pay its bills.

Arctic Canadian Diamond Company, the Burgundy Diamond Mines subsidiary that owns Ekati, filed for creditor protection last week. A court-supervised sale process is expected to begin in the coming days.

The creditor list shows ACDC owes at least $380 million: about $287.3 million in secured debt and $93.3 million in unsecured claims.

More: Breaking down the bigger picture of Ekati’s insolvency

Three creditors hold secured claims against ACDC, meaning they are first in line to be repaid.

The largest is the Canadian Enterprise Emergency Funding Corporation, a federal entity owed approximately $176.1 million – the value of the $175-million federal loan Ekati received in two chunks over the past half a year, plus some interest.

Alter Domus, a loan administration firm that typically represents syndicates of lenders, is owed about $106.7 million.

Caterpillar Financial Services, which ordinarily deals in the financing of heavy equipment, is owed roughly $4.5 million.

A striking feature of the creditor list is the scale of money owed to Indigenous-owned businesses and Indigenous governments.

The single largest unsecured creditor on the entire list is Kete Whii Procon, owed approximately $12.6 million.

The company is a joint venture between Procon Mining and Tunnelling, a BC-based contractor, and Kete Whii Ltd, which represents the Yellowknives Dene First Nation, Łútsël K’é Dene First Nation and Tłı̨chǫ Government. The joint venture’s participants have been providing mining services at Ekati since 2000.

The Tłı̨chǫ Government itself is owed about $2.15 million, some or all of which may be related to missed impact benefit agreement payments.

Also on the list is 3320588 Canada Ltd, owed roughly $1.68 million. That numbered company is a joint venture of the Yellowknives Dene First Nation, Deninu Kųę́ First Nation and Łútsël K’é Dene First Nation, set up to share certain impact benefit agreement payments from Ekati.

Det’on Cho Corporation, the Yellowknives Dene First Nation’s business arm, has several entities on the list. Det’on Cho Nahanni Construction is owed roughly $1.95 million, Det’on Cho Landtran Transport about $778,000, Det’on Cho Logistics about $72,500, and Det’on Cho Summit Aviation about $6,500.

Two Tłı̨chǫ-affiliated companies also appear. Tłı̨chǫ Logistics is owed about $779,000 and Tłı̨chǫ Domco roughly $1.86 million. Tłı̨chǫ Air, a joint venture with Air Tindi, is owed about $40,800.

Dene Aurora Mining, listed as a Hay River-based company, is owed approximately $6.67 million. Dene Dyno Nobel, an explosives supplier, is owed about $1.28 million.

In total, Indigenous-owned businesses and Indigenous governments on the unsecured creditor list are owed more than $30 million.

In this form of creditor protection proceeding, unsecured creditors are typically last in line for payment. Many receive only a fraction of what they are owed, and some receive nothing.

GNWT owed at least $10M

The territorial government appears on the list in multiple forms.

The largest debt to the GNWT is about $6.6 million in property taxes, followed by roughly $2 million in fuel tax. The Mining Recorder’s Office is owed about $1.36 million.

In total, the territorial government is owed roughly $10 million.

More: See the full list of creditors

Many Yellowknife-based businesses appear as unsecured creditors.

Among the larger claims are Hydrocarbon Services ($1.86 million), Metcrete Services ($705,000), Aurora Ford Hay River ($482,000), Aurora Geosciences ($412,000), Northwestel ($320,000), Tundra Site Services ($269,000), Emco Corporation ($268,000), Westcan Bulk Transport ($1.27 million), Canadian Dewatering ($57,000), Danmax Communications ($54,000) and Creative Basics ($18,000).

ERM Consultants, a firm involved in environmental work at the mine, is owed about $1.42 million.

Finning, one of the world’s largest equipment dealers, is owed about $4.48 million. Marsh Canada, an insurance broker, is owed roughly $4.9 million. Bullitt Staffing (Nunavut) is owed about $2.31 million. Kitikmeot Tire Mine Service is owed roughly $2.8 million.

Among international creditors, IHC Mining of the Netherlands is owed about $1.89 million and GroundProbe North America about $1.19 million.

If a claims process is approved by the court, creditors will be notified by the monitor – a firm appointed to oversee the insolvency process – and invited to submit a proof of claim.

Burgundy has said it intends to continue mining at Ekati while it tries to sell the mine.

Whether any buyer materializes, and what that would mean for the debts listed here, remains to be seen.