“We are pleased to announce the results from our current drilling program are indicating that the Misery pipe, which is a very high value ore source requiring almost zero development capital, is very likely to stay in production well past the original 2026 date,” Burgundy CEO Kim Truter said in a release on Monday.
The possible extension of Misery’s life comes as the territory’s three diamond mines face closures in the coming years. Rio Tinto’s (NYSE: RIO; LSE: RIO; ASX: RIO) Diavik mine is due to close in 2026, and De Beers’ Gahcho Kué mine is slated to run until 2028. While Ekati’s Sable open pit is expected to wind down this year, its Point Lake open pit could produce until 2029, according to company projections.
Burgundy acquired Ekati when it purchased its former owner, Arctic Canadian Diamond, in March 2023 for $136 million.
The mines, located hundreds of kilometres northeast of the capital Yellowknife are…
