Burgundy Diamond Mines reports second quarter 2024 results
July 25 2024 - 7:10PM
Burgundy Diamond Mines (ASX:BDM) (Burgundy or the company) provided
its financial and operating results for the second quarter
(Q2-2024) ended June 30, 2024, to the Australian Stock Exchange on
July 26, 2024.
Burgundy Diamond Mines achieved significant progress in several
key areas this quarter. The company's dedication to potential mine
life extensions is demonstrated by active drilling programs at the
Sable and Misery mines, as well as advancing the Sable and Fox
underground updated prefeasibility studies. Additionally, the
company increased ore mined for the quarter compared to Q2-2023 and
maintained competitive sale prices in a subdued diamond market. The
future Point Lake open pit operation is nearing completion, with
the final dewatering phase underway and all necessary permits
secured.
Second quarter highlights (three months ended June 30,
2024)1 All currency unless otherwise
noted, is presented in US dollars.
- EBITDA: $26 million (unaudited)
- Tonnes processed: 1.01 million tonnes, decreased by 9%
(Q2-2023: 1.11 million tonnes)
- Carats recovered: 1.22 million, decreased by 10%, in line with
the decrease in tonnes processed (Q2-2023: 1.36 million)
- Carats sold: 1.03 million over three sales events, including
one fancy sale
- US$103/ct achieved for total proceeds of US$106 million
- Progress made on all mine extension projects towards release of
new mine plan
“We had another busy quarter across the business. At Ekati, we
successfully completed our major annual plant shutdown, involving
over 200 people and 6,500 hours of maintenance in less than a week,
and installed two new X-ray sorting machines. Our future Point Lake
open pit operation is nearing production, with all necessary
permits received. Despite suppressed diamond market prices, we
remain optimistic as supply-demand tightens and look forward to
launching Ekati’s tenth mine – a landmark achievement,” said Kim
Truter, Burgundy Diamond Mines Chief Executive Officer and Managing
Director.
To view the full ASX quarterly activities report for Q2-2024
ending June 30, 2024, please visit:
burgundydiamonds.com/financial-reports/.
Investor
enquiriesinvestor@burgundydiamonds.com
Media
enquiriescommunications@burgundydiamonds.com
About Burgundy Diamond Mines Limited
Burgundy Diamond Mines is a premier independent global scale
diamond company focused on capturing the end-to-end value of its
unique vertically integrated business model.
Burgundy’s innovative strategy is focused on capturing margins
along the full value chain of the diamond industry, including
mining, production, cutting and polishing, and the sale of
diamonds. By building a balanced portfolio of diamond projects in
favourable jurisdictions, including the globally ranked Canadian
mining asset, Ekati, and a diamond cutting and polishing facility
in Perth, Burgundy has unlocked access to the full diamond value
chain. This end-to-end business model with total chain of custody
provides traceability along every step of the process, with
Burgundy able to safeguard the ethical production of the diamonds
from mining to marketing and discovery to design. Burgundy was
founded in Perth, Western Australia. The company is led by a
world-class management team and Board.
Caution regarding Forward Looking
Information
This document contains forward looking statements concerning
Burgundy Diamond Mines Limited. Forward looking statements are not
statements of historical fact and actual events and results may
differ materially from those described in the forward-looking
statements as a result of a variety of risks, uncertainties and
other factors. Forward looking statements in this document are
based on Burgundy's beliefs, opinions and estimates as of the dates
the forward-looking statements are made, and no obligation is
assumed to update forward looking statements if these beliefs,
opinions or estimates should change or to reflect other future
developments.
- All figures
presented in this release are in US dollars and include performance
results and metrics across all of Burgundy’s operations, including
Ekati Diamond Mine, the company’s rough diamond sales office in
Antwerp, Belgium and diamond cutting and polishing facility in
Perth.