Utoo Radio - September 30, 2024 - Burgundy Diamond Mines has halted plans for further development at the Ekati diamond mine in Canada, citing a 20% drop in diamond prices since acquiring the project. The company cited the decreasing prices and lack of support from the diamond industry as reasons for the decision.

The company also highlighted the increasing burden placed on the Ekati asset and suggested revisiting the mine's viability.

Burgundy believes the mine could operate until 2040 and beyond if it receives sufficient support.

The company seeks help in five key areas: mine reclamation provisioning, diamond royalty valuation, mineral resource act regulations development, environmental permitting, and water management requirements.