Despite the suspension at Point Lake, mining operations at the Misery underground mine remain unaffected.
Ariella Calin, corporate communications manager, stated: “Burgundy Diamond Mines made the decision to temporarily suspend open-pit mining at Point Lake, which constitutes a shift from surface mining operations in the short term.” The Misery underground mine at Ekati continues with improved production from advanced mining techniques.
A quarterly production update is expected by late July. Burgundy noted: “The company will continue to maintain Point Lake to ensure that it can quickly and efficiently restart operations, should market conditions allow.” This ensures the site’s readiness for potential resumption.
Global diamond price declines have reduced industry profitability. Rio Tinto plans to close its Diavik mine by early 2026, and Anglo American is exploring divestment of De Beers, which recently shifted focus from lab-grown to natural diamonds. Burgundy has paused trading on the Australian Stock Exchange, per Reuters, while prioritizing higher-margin ore at Ekati.
As Canada’s diamond mines near the end of their lifespan, the Northwest Territories seeks infrastructure improvements and new projects. Karen D. Costello, NWT & Nunavut Chamber of Mines executive director, said: “The Northern mining industry has been around for over 90 years. And it has been recognised that we do have incredible mineral potential, but we do need robust exploration to make the discoveries, and we do need the known projects to advance to become the next generation of mines.”
