PERTH (miningweekly.com) – The share price of diamond miner Burgundy Diamonds jumped more than 16% on Wednesday after the company flagged higher revenue for the third quarter to date, following the acquisition of the Ekati diamond mine, in Canada, in July this year.
Burgundy told shareholders that the company had secured diamond sales of around $90-million for the third quarter to date, compared with the $81-million in sales made in the third quarter of 2022.
Currently, the miner has sold 784 000 ct in the third quarter to date, compared with the 901 000 ct sold in the third quarter of last year.
“Ekati Canadian natural diamonds provide customers with sustainably produced high-value diamonds with low fluorescence, optimal assortment, and unique fancy colours. The sales results announced today demonstrate the differentiated value of Burgundy diamonds and our transparent and credible sales channels, despite a softer than usual market,” said Burgundy CEO Kim Truter.
The company maintains a rough diamond pipeline inventory of approximately $139-million as of the end of August, which is in addition to ongoing diamond production.
Burgundy was trading at a high of 18c a share on Wednesday.