Irish businessman owns around 36% of listed Canadian miner alongside a chunk of its debt
The Canadian listed diamond miner in which Dermot Desmond is a major shareholder slumped to a €29.9 million loss in 2023. Photograph: iStockMountain Province Diamonds, the listed Canadian diamond mining company in which Dermot Desmond is a major shareholder, had a net loss of 43.7 million Canadian dollars in 2023, new company filings show.
The company said 2023 had been “more challenging for the diamond industry” after a record year in 2022. It said retail activity and consumer demand “softened in the US and Europe amid global inflation concerns and ongoing conflict in Ukraine and the Middle East”.
The company had also paid down US$18 million in senior secured second lien notes – a form of corporate debt – and “would have preferred to pay down more”.
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