Burgundy revised cash collateralisation
Ekati concluding with a final payment in Q3-2027 Burgundy Diamond Mines Limited confirm that the agreement with the surety providers in relation to the reclamation bonds has been formally concluded and signed by all parties, in line with previously agreed principles. Burgundy is required to post security with key government agencies to ensure reclamation is completed across its mining properties, as required by relevant legislation in Canada and the Northwest Territories. The security is provided in the form of either cash, letters of credit or Surety Bonds (SB), or a combination of these. Significantly, Burgundy can confirm it has successfully concluded the renegotiated cash collateralisation payment schedule to extend over four years, consistent with Ekati’s current life of mine plan, versus the previous terms requiring full payment in Q2-2024. The revised cash collateralisation schedule provides for quarterly instalments of ~US$11 million, concludi...