TORONTO – De Beers filed applications to build and operate its third diamond mine in Canada, the diamond giant said on Tuesday.
De Beers Canada Inc. has filed an application with the Mackenzie Valley Land and Water Board to build the mine at Gahcho Kue in the Northwest Territories, about 90 km east of De Beers’ first Canadian mine, Snap Lake, which is now under construction.
The Gahcho Kue project, a joint venture between De Beers Canada, Mountain Province Diamonds Inc.
and Camphor Ventures Inc., will be an open-pit mine with an estimated resource of 31 million tonnes.
De Beers, which is 45 per cent owned by Anglo American, expects to spend C$825 million on construction.
The project is expected to have a life of 20 years and produce an average of three million carats annually over 15 years of operations.
De Beers, which produces about half the world’s diamond supply, is investing approximately US$2 billion over the next three years in the Canadian industry.
The company has been moving away from its traditional base in South Africa, where it has started shutting down mines that are low on diamonds and profits.
The Snap Lake mine is scheduled to start in 2007.
The company’s second mine, the Victor project in the James Bay lowlands of Ontario, will start construction early in the new year and is expected to begin producing at the end of 2008.
Victor is seen producing six million carats during the life of the mine.
Canada already has two operating diamond mines, Ekati and Diavik, both in the Northwest Territories.
They have elevated the country from a non-diamond producer before 1998, to the world’s third largest today.
– Nampa-Reuters
has filed an application with the Mackenzie Valley Land and Water Board to build the mine at Gahcho Kue in the Northwest Territories, about 90 km east of De Beers’ first Canadian mine, Snap Lake, which is now under construction.The Gahcho Kue project, a joint venture between De Beers Canada, Mountain Province Diamonds Inc.and Camphor Ventures Inc., will be an open-pit mine with an estimated resource of 31 million tonnes.De Beers, which is 45 per cent owned by Anglo American, expects to spend C$825 million on construction.The project is expected to have a life of 20 years and produce an average of three million carats annually over 15 years of operations.De Beers, which produces about half the world’s diamond supply, is investing approximately US$2 billion over the next three years in the Canadian industry.The company has been moving away from its traditional base in South Africa, where it has started shutting down mines that are low on diamonds and profits.The Snap Lake mine is scheduled to start in 2007.The company’s second mine, the Victor project in the James Bay lowlands of Ontario, will start construction early in the new year and is expected to begin producing at the end of 2008.Victor is seen producing six million carats during the life of the mine.Canada already has two operating diamond mines, Ekati and Diavik, both in the Northwest Territories.They have elevated the country from a non-diamond producer before 1998, to the world’s third largest today.- Nampa-Reuters
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