Burgundy Diamond Mines (ASX:BDM) is buying the Arctic Canadian Diamond company that owns the world-class Ekati diamond mine for $290M, which will launch it to being the largest ASX-listed diamond business, and one of the largest listed globally.
In 2022, Ekati sold 4.2 million carats and delivered revenue of US$494M and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) of US$200M.
Perth-based company Burgundy is the owner of Australia’s only commercial diamond cutting and polishing facility, and has cut the world-renowned Argyle Pink diamonds for the past thirty years.
Burgundy says Ekati is named after the Tilcho first-nations word meaning 'fat lake' and is renowned for premium gem-quality diamonds, and is Canada's first surface and underground diamond mine, with exploration dating back to 1981.