Burgundy Diamond Mines Limited announce the successful completion of a fuel offtake agreement for 2025 between its subsidiary and a subsidiary of Macquarie Bank Ltd with a replicable structure that has the potential to be a multi-year arrangement.
Due to the remote Arctic location of Burgundy’s cornerstone Ekati mine, an inventory resupply campaign is conducted annually via the Tibbitt to Contwoyto Winter Road, typically over an eight-week period. As a result, the majority of Ekati’s annual procurement cash outflows occur over several short months resulting in working capital challenges each year.
Through this new agreement, Macquarie owns the diesel in the Ekati fuel tanks and supplies diesel to Ekati as it is required. This agreement provides a mechanism that enables Burgundy to better manage the levels of working capital and reduce seasonal volatility of its operating cash outflows. For 2025, this will provide a working capital (cash inflow) benefit of approximately US$45M1 which will be realized during this first quarter.
“We are very pleased to confirm this innovative approach which spreads our fuel resupply expenditures over the full year versus one quarter. This promising strategy offers potential to become an annual process for Burgundy and is structured with potential for it to be a multi-year agreement,” said Kim Truter, CEO of Burgundy Diamond Mines.
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