Australia's Burgundy Diamond Mines loses most in over 4 years after layoffs in Canada

Burgundy Diamond Mines

18/07/2025 02:05

** Shares of Australian miner Burgundy Diamond Mines BDM.AX fall as much as 35.9% to A$0.025, their biggest intraday pct drop since mid-April 2021

** Stock at its lowest level since June 25

** Co suspends open pit mining at its Point Lake diamond mine in Canada, and announces layoffs and contractor reductions

** Layoffs due to record-low diamond prices, a company spokesperson said on Thursday

** About 3 million shares change hands, 2.4x times the 30-day average

** Stock down 69.7% YTD, including moves in current session

 (Reporting by Roshan Thomas in Bengaluru)

 ((Roshan.Thomas@thomsonreuters.com;))