Burgundy Diamond Mines reports first quarter 2024 results
April 28 2024 - 8:01PM
Burgundy Diamond Mines (ASX:BDM) (Burgundy or the company) provided
its financial and operating results for the first quarter (Q1 2024)
ended March 31, 2024 to the Australian Stock Exchange, on April 29,
2024.
Burgundy maintained a robust EBITDA of $26 million, up 49% from
Q1 2023 and recorded record revenues of $117 million.
“The opening quarter of 2024 represents our third period in
charge after our Arctic Canadian Diamond Company acquisition in
June last year, and we are pleased with the number of improvements
made in less than eleven months of ownership,” said Kim Truter,
Chief Executive Officer at Burgundy Diamond Mines. “We remain
focused on three key points, including meeting our mining targets,
operational optimisation, and mine life extension; and I believe we
have delivered on this already. As the diamond market strengthens,
we are enviably positioned to benefit – this will mark an exciting
time to be a Burgundy shareholder.”
First quarter highlights (three months ended March 31,
2024)1:All currency
unless otherwise noted, is presented in US dollars.
- Revenues: $117 million
- Carats recovered: 1.15 million, decreased 3% (Q1 2023: 1.18
million), including a 23.15-carat fancy intense yellow diamond
- Average grade: 1.12, decreased 9% (Q1 2023: 1.23)
- Carats sold: 1.32 million, increased 65% (Q1 2023: 0.80
million)
- Tonnes processed: 1.02 million tonnes, increased 6% (Q1 2023:
0.96 million tonnes)
Despite broad softening in the polished diamond market, Ekati
product has continued to generate strong buyer interest and high
sell-through rates. The quality of the Ekati diamonds and Canadian
provenance, remain highly valued in the market, supporting
Burgundy’s sales events in line with its vertically integrated
business model, which is focused on capturing margins across the
full diamond value chain.
Burgundy is scheduled to host a high value fancy debut viewing
in Dubai during the second quarter, featuring the 23.15 carat
intense fancy yellow diamond recovered from Ekati in January.
“The more access we have to the global market, the more bids we
receive from clients looking for a reliable, long-term,
high-quality product from an unwavering ethical standard – it’s
that simple,” Truter added. “In five years’ time, we will
potentially be the only producer in the largest diamond-consuming
continent, North America.”
To view the full ASX quarterly activities report for Q1 ending
March 31, 2024, please visit:
burgundydiamonds.com/financial-reports/.
Media Inquires
Lorena CharestManager, Corporate
CommunicationsBurgundy Diamond Mines
Ltdcommunications@burgundydiamonds.com +1.403.703.5536 |
Australia / APAC MediaCitadel-MAGNUSRussell
Quinnrquinn@citadelmagnus.com+61 403 322 097 |
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 market, inclusive of
mining, production, cutting and polishing, and sale of diamonds. By
building a balanced portfolio of the world’s best diamond projects
in favourable jurisdictions, including the globally ranked Canadian
mining asset Ekati, a world class diamond cutting and polishing
facility in Perth, and high-value diamond brands including
CanadaMarkTM, 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 is founded in Perth, Western Australia and 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.
Notes:
- 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.
- Burgundy changed its year end from
June 30 to December 31. This report indicates the results from
January 1, 2024, through March 31, 2024. The 2023 Q1 results
used as a comparison in this report indicate the result for Ekati
operations between January 1, 2023, through to March 31, 2023,
before Burgundy’s acquisition of Arctic Canadian Diamond Company in
July 2023.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3e886fc9-5a6e-4e40-971a-fdcfbff4dfb3