CALGARY, Alberta, July 25, 2024 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines (ASX:BDM) (Burgundy or the company) provided its financial and operating results for the second quarter (Q2-2024) ended June 30, 2024, to the Australian Stock Exchange on July 26, 2024.
Burgundy Diamond Mines achieved significant progress in several key areas this quarter. The company's dedication to potential mine life extensions is demonstrated by active drilling programs at the Sable and Misery mines, as well as advancing the Sable and Fox underground updated prefeasibility studies. Additionally, the company increased ore mined for the quarter compared to Q2-2023 and maintained competitive sale prices in a subdued diamond market. The future Point Lake open pit operation is nearing completion, with the final dewatering phase underway and all necessary permits secured.
Second quarter highlights (three months ended June 30, 2024)1 All currency unless otherwise noted, is presented in US dollars.
- EBITDA: $26 million (unaudited)
- Tonnes processed: 1.01 million tonnes, decreased by 9% (Q2-2023: 1.11 million tonnes)
- Carats recovered: 1.22 million, decreased by 10%, in line with the decrease in tonnes processed (Q2-2023: 1.36 million)
- Carats sold: 1.03 million over three sales events, including one fancy sale
- US$103/ct achieved for total proceeds of US$106 million
- Progress made on all mine extension projects towards release of new mine plan
"We had another busy quarter across the business. At Ekati, we successfully completed our major annual plant shutdown, involving over 200 people and 6,500 hours of maintenance in less than a week, and installed two new X-ray sorting machines. Our future Point Lake open pit operation is nearing production, with all necessary permits received. Despite suppressed diamond market prices, we remain optimistic as supply-demand tightens and look forward to launching Ekati's tenth mine - a landmark achievement," said Kim Truter, Burgundy Diamond Mines Chief Executive Officer and Managing Director.
To view the full ASX quarterly activities report for Q2-2024 ending June 30, 2024, please visit: burgundydiamonds.com/financial-reports/.
