An ASX-listed Burgundy Diamond Mines provided its financial and operating results for the Q4 2023 ended December 31, 2023.
Burgundy continues to improve production and performance at Ekati mine, in Canada’s Northwest Territories, with more efficient mining operations and highest ore processing in 10 years, including revenues of $166 mn, EBITDA of $60 mn (unaudited) and 1.2 mn carats recovered.
Fourth quarter highlights three months ended December 31, 2023 shows Revenue of $166 mn, up 37% against the Q4 2022 revenue of $121 mn. Carats recovered were 1.2 mn, up 19% against results of 1.0 mn for Q 4 0f 2022, including a 75-carat rough diamond. The average grade showed 1.17, up 12% from 1.05 of Q4 2022. Carats sold were 1.8 mn, up 41% from 1.3 mn of Q4 2022. Tonnes processed showed 1.1 mn tonnes, up 6% from 1.0 mn in Q4 of year 2022.
The increased focus on provenance and traceability is highlighted by the ongoing efforts of the G7 sanctions to restrict the flow of Russian diamonds, which should further restrict the supply of natural diamonds to the market, ultimately leading to increased prices.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
