[ad_1]
Perth-based Burgundy Diamond Mines (BDM) has confirmed that it will not exercise its two-year option to purchase the Ellendale Mine.
Located in the West Kimberley region of WA, the Ellendale Mine was once the source of approximately 50 per cent of the world’s yellow fancy colour diamonds.
Located in the West Kimberley region of WA, the Ellendale Mine was once the source of approximately 50 per cent of the world’s yellow fancy colour diamonds.
BDM acquired the dormant mine from Gibb River Diamonds in 2021, one year after GRD was granted exclusive mining and exploration leases by the WA government.
BDM managing director and CEO Kim Truter said the decision was “in the best interests of shareholders and in line with the strategic direction of the company.”
“Burgundy will therefore cease development of the project immediately,” a statement from the mining company reads.
“Burgundy has elected to instead focus on completion of the acquisition and integration of the Ekati Diamond Mine into its portfolio, located in Canada’s northern territories and purchased from the Arctic Canadian Diamond Company.”
BDM recently expanded its cutting and polishing plant in Perth enabling it to manufacture twice as many fancy colour diamonds.
Production at Ellendale ceased in 2015 when the previous owner Kimberley Diamond Company entered liquidation.
More reading
Vivid yellow, 71-carat diamond announced in Canada
Fancy colour diamond unearthed at Ellendale project
New supply agreement for Aussie diamond miner
Possible new colour diamonds discovery at Ellendale mine
Burgundy Diamonds acquires 350 carats of Ellendale yellow diamonds
[ad_2]
Source link
