Make Kitco Your Homepage

Burgundy Diamond grows its colored-diamond pipeline with acquisition

Kitco News

Burgundy Diamond Mines (ASX:BDM) said today it acquired ownership of the Ellendale and Blina projects in the West Kimberley region of Western Australia for A$6.7 million in cash, as well as shares.

Burgandy CEO Peter Ravenscroft touted the deal.

"We are delighted to have been successfully scure this transaction, which ticks may of our stratetic boxes as we build out Burngydy as the world leading mid-cap diamond company. It is in one of our focus jurisdictions of low-risk diamond countries; it provides us potential for early cash-flow to underpin our expansive growth stragety; and it focuses on the production of high-value coloured stones in the same way as our Naujaat diamond project in Canada," said Ravenscroft.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.