24 January 2024
2024-01-24
Highlights (All currency figures in U.S. Dollars, unless otherwise stated)
Burgundy Diamond Mines Chief Executive Officer & Managing Director, Kim Truter said:
"The final quarter of the year has again been a busy one particularly in our rough sales area as we focussed on improving customer engagement, reviewing our sorting processes and inventory pipeline and examining ways to enhance our sales channels. This work will largely come to fruition in the first half of the year when we plan to crystalise several decisions which will enhance our rough diamond sales process for our customers and accelerate movement of product through our diamond inventory pipeline which will free up cash."
"The global diamond market has been resilient and increasingly favourable of our highly sought after Ekati product and Canadian provenance. Each of our four auctions during the December quarter were over subscribed due to significant customer demand and their loyalty to Burgundy. This has put us in a strong position with a healthy cash balance to fund the upcoming winter road resupply and to commence the important work activities to extend the mine life at Ekati."
"Work continued at pace on extending the mine life as a top priority. The Point Lake project has been optimised in terms of pit size and mine sequencing and it is on track to commence pre-stripping later in the year. Mine design work for Sable underground has continued, including finalising the portal position and timing (intended for August 2024). The permit application process for the Sable undergound has commenced and community engagement has ramped up. Samples of the historical Fox stockpile material have been examined to inform processing options and this is already looking very favourable. Production from the Misery underground operation continues to exceed target and all indications are that production from Misery will continue for at least the next three years and possibly longer. All this information continues to inform and strengthen the long term mine plan as we seek to extend the mine life which is very exciting for all stakeholders including our talented teams on the ground and valued shareholders worldwide"
"During the quarter we recovered several very special white and fancy yellow diamonds, the largest of which was 75 carats. These special stones remain highly sought after and attract strong interest from our international customers as well as luxury brands"
"Production performance has generally exceeded targets evidenced by quarter on quarter performance comparisons. The process plant in particular has performed exceptionally well, with the highest annual performance since 2013. This is testament to our focus on reliable, consistent performance and strong disciplined operational leadership. Our teams have done an exceptional job during the quarter and as a result Ekati produced over 5 million for the year of the best diamonds on the planet".