Ekati boss envisions another 25 years of mining – by Derek Neary (NNSL.com – July 4, 2024)


Agnico Eagle hits new marks at Meliadine and Meadowbank

The Northwest Territories’ economy continues to lean heavily on diamond production, which is waning overall, and, to a lesser extent, rare earths. In Nunavut, gold and iron ore are the backbone of GDP. Here are some noteworthy occurrences from operating mining companies in both territories.

Burgundy Diamond Mines

Burgundy Diamond Mines, owner of Ekati, reported a major jump in carats sold in its first quarter report for 2024. Its 1.32 million carats sold played a central part in the $117 million (U.S.) in revenues generated for the quarter. The total yield was 1.15 million carats, down from 1.18 million a year earlier.

The average grade dropped nine per cent to 1.23 carats. “Despite broad softening in the polished diamond market, Ekati product has continued to generate strong buyer interest and high sell-through rates,” Burgundy Diamonds stated.

Ekati, Canada’s first diamond mine and in operation since October 1998, could still have another 25 years of production ahead, said Burgundy Diamond Mines CEO Kim Truter in January. Burgundy, based in Australia, purchased Ekati for $136 million from Arctic Canadian Diamond Company in June 2023.

For the rest of this article: https://www.nnsl.com/business/ekati-boss-envisions-another-25-years-of-mining-7367044