Precious stone mines saw some shuffling in Canada’s North with Burgundy Diamond Mines Ltd.’s acquisition of the Ekati diamond mine.
Already a 40% partner with North Arrow Minerals Inc. at the Naujaat diamond project in Nunavut, Burgundy closed its buyout of Arctic Canadian Diamond Company Ltd. on July 4, which gave the Australian diamond company full ownership of the world-class Ekati Mine and significantly elevating its efforts to deliver high-end cut and polished diamonds mined in Canada’s Arctic to global markets.
“Burgundy is well-positioned for growth, with significant value to be delivered to all stakeholders through our fully integrated end-to-end value chain now including the global scale Ekati asset,” said Burgundy Diamond Mines CEO Kim Truter. “Burgundy investors have overwhelmingly supported and endorsed this acquisition, and they are showing great interest in producing sustainable and valuable natural diamonds via mines in Canada and bringing them to market through our innovative business model.”
Since 2021, Burgundy has been purchasing fancy-colored rough diamonds from Ekati for cutting and polishing at its facility in Perth, Australia, and then selling them as luxury gems in high-end jewelry boutiques.
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