Latest news with #BurgundyDiamondMinesLimited
Yahoo
13-05-2025
- Business
- Yahoo
Burgundy confirms polished sales strategy evolution; closes Perth Office
CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines Limited (ASX:BDM) (Burgundy or the Company) confirms the strategic intention to partner with carefully selected diamond manufacturers and traders, jewellers and luxury brands to maximize the value of its sustainably mined Canadian diamonds. The partnerships are to be founded on a shared commitment to leadership in provenance, traceability, product excellence and value creation. Aligned with this approach and based on a thorough assessment of the long-term viability of Burgundy's diamond cutting and polishing operations in Perth, Western Australia, the Company has made the decision to close the facility. 'We extend our sincere gratitude to our Perth team for their many years of dedication and contribution to the diamond industry and Burgundy,' said Kim Truter, CEO of Burgundy Diamond Mines. 'Shareholders expect us to constantly improve and review every aspect of our business performance which this decision demonstrates. We remain committed to vertical integration through our sales office in Antwerp and our strategic partnerships.' This decision is not expected to result in any material financial or production impacts for Burgundy. The closure process is anticipated to be completed by mid-year 2025. Investor enquiries Media enquiries investor@ communications@ 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-04-2025
- Business
- Yahoo
UPDATE -- Burgundy Diamond Mines reports first quarter 2025 results
Ekati Diamond Mine Misery Underground CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines Limited (ASX:BDM) (Burgundy or the Company) provided the filing of its financial and operating results for the first quarter (Q1-2025) ended March 31, 2025, to the Australian Stock Exchange on April 30, 2025. During the quarter, Ekati's operational team fully relocated surface mining equipment to Point Lake and transferred production personnel to the Misery camp. 'This co-location of Point Lake and Misery unlocks improved operational efficiencies, increases effective shift time, and enables a step change downward in mining costs,' said Kim Truter, CEO of Burgundy Diamond Mines. The transition to Point Lake saw some ore supply disruption due to wet and muddy mining conditions, which have been addressed by the end of the quarter. Misery production was also lower than planned due to cold winter conditions, which froze the ore blanket and inhibited free ore flow through the underground draw points. A targeted campaign to increase production ring drilling, blast the frozen ore, and expand underground haul capacity ensured that Misery production was back on track by the end of the quarter. 'We continue to place a strong focus on strengthening Burgundy's balance sheet, and I am pleased that we reached an agreement with Macquarie Bank during the quarter for an innovative fuel offtake contract that improves working capital and has potential for a multi-year agreement,' said Truter. First quarter operational and financial highlights:All currency unless otherwise noted, is presented in US dollars. Ore tonnes mined: 0.6 million tonnes, decreased by 57% from (Q1-2024: 1.4 million tonnes) Tonnes processed: 0.6 million tonnes, decreased by 46% from (Q1-2024: 1.0 million tonnes) Carats recovered: 0.8 million, decreased by 33% from (Q1-2024: 1.2 million) Carats recovered per tonne processed: 1.4 C/t, increased by 25% from (Q1-2024: 1.1 C/t) Carats sold: 1.2 million from three auctions and other sales events, down 11% from (Q1-2024: 1.3 million) $62/ct. achieved for total proceeds of $73 million (A$116 million) Adjusted EBITDA: $6.5 million; (A$10.3 million) Cash of $38.8 million; (A$61.7 million) To view the full ASX Q1-2025 quarterly activities report, please visit 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. 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. A photo accompanying this announcement is available at
Yahoo
30-04-2025
- Business
- Yahoo
Burgundy Diamond Mines reports first quarter 2025 results
Ekati Diamond Mine Misery Underground CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines Limited (ASX:BDM) (Burgundy or the Company) provided the filing of its financial and operating results for the first quarter (Q1-2025) ended March 31, 2025, to the Australian Stock Exchange on April 30, 2025. During the quarter, Ekati's operational team fully relocated surface mining equipment to Point Lake and transferred production personnel to the Misery camp. 'This co-location of Point Lake and Misery unlocks improved operational efficiencies, increases effective shift time, and enables a step change downward in mining costs,' said Kim Truter, CEO of Burgundy Diamond Mines. The transition to Point Lake saw some ore supply disruption due to wet and muddy mining conditions, which have been addressed by the end of the quarter. Misery production was also lower than planned due to cold winter conditions, which froze the ore blanket and inhibited free ore flow through the underground draw points. A targeted campaign to increase production ring drilling, blast the frozen ore, and expand underground haul capacity ensured that Misery production was back on track by the end of the quarter. 'We continue to place a strong focus on strengthening Burgundy's balance sheet, and I am pleased that we reached an agreement with Macquarie Bank during the quarter for an innovative fuel offtake contract that improves working capital and has potential for a multi-year agreement,' said Truter. Fourth quarter operational and financial highlights:All currency unless otherwise noted, is presented in US dollars. Ore tonnes mined: 0.6 million tonnes, decreased by 57% from (Q1-2024: 1.4 million tonnes) Tonnes processed: 0.6 million tonnes, decreased by 46% from (Q1-2024: 1.0 million tonnes) Carats recovered: 0.8 million, decreased by 33% from (Q1-2024: 1.2 million) Carats recovered per tonne processed: 1.4 C/t, increased by 25% from (Q1-2024: 1.1 C/t) Carats sold: 1.2 million from three auctions and other sales events, down 11% from (Q1-2024: 1.3 million) $62/ct. achieved for total proceeds of $73 million (A$116 million) Adjusted EBITDA: $6.5 million; (A$10.3 million) Cash of $38.8 million; (A$61.7 million) To view the full ASX Q1-2025 quarterly activities report, please visit 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. 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. A photo accompanying this announcement is available at in to access your portfolio
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.
Yahoo
18-02-2025
- Business
- Yahoo
Burgundy Diamond Mines announces an innovative diesel fuel offtake agreement with a subsidiary of Macquarie Bank Ltd
CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines Limited (ASX:BDM) (Burgundy or the Company) is pleased to announce the successful completion of a fuel offtake agreement for 2025 between its subsidiary and a subsidiary of Macquarie Bank Ltd ('Macquarie') with a replicable structure that has the potential to be a multi-year arrangement. Due to the remote Arctic location of Burgundy's cornerstone Ekati mine, an inventory resupply campaign is conducted annually via the Tibbitt to Contwoyto Winter Road, typically over an eight-week period. As a result, the majority of Ekati's annual procurement cash outflows occur over several short months resulting in working capital challenges each year. Through this new agreement, Macquarie owns the diesel in the Ekati fuel tanks and supplies diesel to Ekati as it is required. This agreement provides a mechanism that enables Burgundy to better manage the levels of working capital and reduce seasonal volatility of its operating cash outflows. For 2025, this will provide a working capital (cash inflow) benefit of approximately US$45M1 which will be realised during this first quarter. 'We are very pleased to confirm this innovative approach which spreads our fuel resupply expenditures over the full year versus one quarter. This promising strategy offers potential to become an annual process for Burgundy and is structured with potential for it to be a multi-year agreement,' said Kim Truter, CEO of Burgundy Diamond Mines. Caption: Trucks carrying supplies on the Tibbitt to Contwoyto Winter Road. This announcement was authorised for release by the Board of Burgundy Diamond Mines Limited. 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. A photo accompanying this announcement is available at _____________________________________1. Based on a fuel spot price as of 14 February 2025.
