Desmond to invest €50m in Canadian diamond mine company | Business Post

Dermot Desmond is likely to get new shares in his company, Mountain Province, under the proposed arrangement. Picture: Sportimage/Paul Thomas

Businessman Dermot Desmond is set to extend a fresh $50 million round of funding to his Canadian diamond mine company. The deal will involve a loan facility from a company controlled by Desmond as well as “an equity component”, likely meaning new shares for Desmond in the company. Mountain Province owns 49 per cent of the Gahcho Kué mine in northwest Canada, with the other 51 per cent owned by De Beers, the mining giant.

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