On March 13, 2023, Arctic Canadian Diamond Company Ltd. announced a binding share purchase agreement with Australia's publicly traded Burgundy Diamond Mines Limited. Burgundy will acquire 100% of Arctic Canadian’s assets, including the notable Ekati Diamond Mine in Canada's Northwest Territories, for around USD$136 million (CAD 183,816,240). The completion of this transaction is contingent on financing and the approval of Burgundy's shareholders, expected by late April 2023. Having operated for nearly 25 years, Ekati Diamond Mine has significantly benefited Northern Canada. The sale aims to recapitalize Arctic Canadian, ensuring the mine's continued operation. Burgundy, headquartered in Perth, Western Australia, owns Australia’s only commercial diamond cutting and polishing facility. Acquiring Ekati supports Burgundy's ambition of vertical integration within the diamond industry, offering ethically sourced diamonds from extraction to luxury retail. The experienced team at Burgundy, led by CEO Kim Truter, with board members Michael O’Keeffe and Marc Dorion, offers significant industry know-how. Truter's vast experience includes tenures with De Beers Canada and Rio Tinto. Arctic Canadian's President and CEO, Rory Moore, expressed positivity about the deal, emphasizing its benefits for Ekati and Northern communities. Arctic Canadian CFO, Kristal Kaye, highlighted the potential for enhancing the mine's longevity and creating employment opportunities in the North.