Burgundy Diamond Mines which operates the Ekati diamond mine in Canada has reported its sales fell 39% to 1.10 million carats in the fourth quarter of 2024 compared to 1.79 million carats in Q4 2023.
The company attributed this to lower quality goods remaining unsold during the reporting period. At the same time, during the corresponding period of the previous year, sales were higher than normal due to sale of carry-over inventory.
Total proceeds in Q4 2024 amounted to $166 million with an average selling price of $93 per carat, with remaining diamond inventory valued at $63.3 million.
During the quarter, Burgundy unveiled the first ore from Point Lake open pit, marking Ekati’s 10th operation over twenty-six years of production. Burgundy also remains on track to release its first mine plan by the end of Q1-2025 which could extend the life of mine to the mid-2030s.
The company will now focus on the Point Lake open pit entering full ore production. A bulk sample from Point Lake will occur to improve the understanding of the ore and its processing properties.
“The Company’s strategy has remained the same, including leveraging an asset with exceptional infrastructure and remaining Mineral Resources in one of the great diamond fields. 2025 will be important for the organization, as the results of Burgundy’s mine life extension work come to fruition,” said Burgundy’s CEO Kim Truter.
Burgundy plans to hold three auction sales during the first quarter of 2025.
Theodor Lisovoy, Managing Editor, Rough&Polished
