Burgundy Diamond Mines has posted a $94.7 million net loss for 2024, hit hard by weak diamond demand and a major asset devaluation. 😬
🔻 The loss contrasts with a smaller $676,000 loss in H2 2023
⚠️ Not a direct comparison—Burgundy acquired the Ekati mine (Canada) in July 2023
📉 What Caused the Loss:
- A $127 million impairment on mine, plant & equipment due to falling diamond prices
- Partially offset by a $43.8 million deferred tax recovery
💰 Revenue:
- 2024 full-year: $442.1 million
- July–Dec 2023 (prior year): $257.5 million
💎 Inventory Levels:
- End of 2024: 186,338 carats
- End of 2023: 244,931 carats
TL;DR
- Diamond demand slump triggered big losses at Burgundy
- $127M write-down on Ekati mine assets
- Inventory down, revenue up—but pressure remains high