Ekati layoffs are part of ‘planned transition’, says Burgundy

The owner of the NWT’s Ekati diamond mine says it is letting around 35 workers go as part of a move from one open pit to another. Adjustments to the workforce are often required as the mine evolves, and reductions are anticipated to occur in the mid-April time-frame.

Burgundy reported a preliminary net loss of US $94.7 million in the 2024 calendar year, a year during which it had asked the NWT government for more support.

Within its figures, the company said it had reduced the value of its Ekati asset by US $127 million. Burgundy attributed that to shifting diamond prices that have an effect on what the mine and its output are expected to be worth in future.

Lab-grown diamonds have significantly disrupted the natural diamond market in recent years and suppressed prices.