Latest news with #BurgundyDiamondMines
Associated Press
08-05-2025
- Business
- Associated Press
Burgundy Diamond Mines releases 2024 Socio-Economic Report
CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines Limited (ASX:BDM) (Burgundy or the Company) today announced the release of its 2024 Socio-Economic (SEA) Report, highlighting the company's achievements and progress in the areas of safety, operations and social impact, in relation to Ekati Diamond Mine. The annual report articulates Burgundy's commitment to aligning business practices and a mutual objective to provide economic benefits to the North, under the Mineral Resources Act requirements with the Government of the Northwest Territories. 'This report underscores our commitment to responsible mining, the collaborative relationships we maintain with our northern stakeholders and the government, and our contributions to communities through donations, sponsorships and employment opportunities,' said Kim Truter, CEO of Burgundy Diamond Mines. 'As the largest G7 producer of natural diamonds, we will also continue to actively manage the environmental footprint associated with our operations and govern our business in a transparent, ethical and accountable manner, to the benefit of all our stakeholders.' 2024 Socio-Economic Highlights: To view the full report please visit Note: 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. A photo accompanying this announcement is available at
Yahoo
31-03-2025
- Business
- Yahoo
Burgundy Diamond Mines announces 2024 year-end results
CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines Limited (ASX:BDM) (Burgundy or the Company) provided the filing of its 2024 Annual Report, including the annual audited financial statements and explanation of results for the financial year ended December 31, 2024, to the Australian Stock Exchange on March 31, 2025. During the year, Burgundy cemented its position as the largest G7 producer of natural diamonds, supplying around 4% of global rough diamonds. The Company also achieved the milestone of 100 million carats produced and sold from the Ekati asset over the course of its 26-year history. 'This is a remarkable achievement which highlights the quality of the asset, the people, the strong resource base, a replicable operating model, and an abundance of kimberlite pipes,' said Kim Truter, CEO and Managing Director of Burgundy Diamond Mines. A strong focus was placed on strengthening the balance sheet for the business through several initiatives including: The renegotiation of the mine closure provisioning terms (Surety Agreement) to align with the current Life of Mine Plan; The establishment of an environmental trust account related to the Surety Agreement to optimize the structure of tax effectiveness; and Paying out historical convertible note debt and the associated 6% coupon rate out of operating cash flow, resulting in a total debt reduction of approximately $123 million since June 2023. The Company began transitioning its operations from Sable open pit to the new Point Lake open pit, which continues in 2025. Once fully operational, Point Lake will complement the Misery underground production, which is located nearby. The proximity of these two operations creates significant operational efficiencies, such as reduced travel times and single-direction ore long haul to the processing plant. Although the year was overshadowed by depressed diamond prices due to several factors including a sluggish Chinese economy, the ongoing conflict in Ukraine, over supply from the two largest producers and lower than normal diamond jewellery retail sales, with aggregate global diamond prices dropping approximately 25% year over year, Burgundy saw its revenue decline by only 6%. 'This a testament to the quality of Ekati diamonds and the benefits of operating in the Canadian jurisdiction. This also underscores how the Ekati product generally outperforms the market, making the asset more resilient to market headwinds,' said Truter. 'As we look into 2025, we are excited about the rough diamond supply and demand equation tightening up, which will inevitably lead to improved rough diamond price realization.' To view the full 2024 Annual Report, please visit Investor enquiriesinvestor@ Media enquiriescommunications@ 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.
CBC
27-02-2025
- Business
- CBC
New mining legislation for N.W.T. expected to come into force in 2027
Some long-awaited, and contentious, mining legislation is expected to come into effect in the N.W.T. in 2027. The timeline of the Mineral Resources Act was presented during a public briefing of the territory's economic development and environment committee on Wednesday. The presentation was delivered by Caitlin Cleveland, minister of Industry, Tourism and Investment, along with deputy minister Pamela Strand and assistant deputy minister Menzie McEachern. McEachern talked of some the benefits that could come from the act, including more publicly-available technical information, increased transparency with the public registry, increased monitoring of production and increased access to exploration rights with online map staking. "One of the key benefits is that there is increased opportunities for relationship-building and knowledge-sharing between mineral exploration and mining companies and Indigenous governments and organisations," he said. "Historically, we know that information may not have been a focus in the industry, and local people often didn't know exactly what was happening on their traditional lands. Times, of course, have changed and information is being shared as we speak." McEachern said that once the new regulations are in place, the sharing process will be formalized and information will be required to be shared throughout a mining project's life cycle. Industry concerns Following the presentation on Wednesday, MLAs had the chance to ask questions. "As the minister knows, I've heard from constituents who are involved in the MRA [Mineral Resources Act] development process that the active mines that we have in the Northwest Territories would not be allowed under the revised MRA," said Kate Reid, MLA for Great Slave. "So can the minister explain why this may be?" Strand, the deputy minister, says the act is not designed to have a negative impact on current mining operations. She said the department is currently in the process of finding a way to smoothly transition from the old legislation to the new. "The intention is that the currently operating mines are continuing to operate, on day one of the Mineral Resources Act coming into force. So there's a lot of misinformation, I think, circulating around," Strand said. Cleveland said she has heard concerns from the industry on things like benefit agreements and royalties. Benefit agreements are negotiated between mining companies and Indigenous governments or communities where those companies want to operate. Burgundy Diamond Mines, the company that runs the Ekati mine, sent a letter to the N.W.T. Premier R.J. Simpson in the fall asking for a guarantee the government would grandfather in its pre-existing impact-benefit agreements, when it changes the act. That would be instead of requiring new agreements which could force Burgundy to pay more to communities and Indigenous groups affected by the mine. The Mineral Resources Act was actually passed in 2019 but regulations need to be developed before it could be implemented.
