Posts Tagged ‘diamond mines in canada’

World’s largest, newest diamond mine to inject $5.2bn into Canada’s economy

Friday, September 9th, 2016

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Gahcho Kué, co-owned by De Beers Canada and Mountain Province Diamonds, is located at Kennady Lake, about 280 km northeast of Yellowknife. (Image courtesy of De Beers Group)

Gahcho Kué, the world’s largest new diamond mine due to begin production later this month, is expected to contribute $5.2 billion (Cdn$6.7 billion) to Canada’s economy and provide 1,200 new jobs, a report released Thursday by majority owner De Beers shows.

Gahcho Kué is expected to contribute $5.2 billion (Cdn$6.7 billion) to Canada’s economy and provide 1,200 new jobs.

Situated almost 300 kilometres east of Yellowknife, in Canada’s Northwest Territories, the mine — a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%) — has so far provided a $341 million (Cdn$440 million) boost to the NWT economy, the reports says. It has also contributed a further $272 million (Cdn$350 million) to the rest of Canada, according to the figures released by De Beers.

But what makes the mine especially important is the fact that two of Canada’s major diamond mines — Diavik and Ekati — are approaching the end of their productive lives, and —although it’s smaller— Gahcho Kué would be able to offset the production drop-off.

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Courtesy of De Beers Group.

The report, which looks into the socio-economic impact of the Anglo American-owned diamond company in Canada, also highlights De Beer’s contribution to the country’s economy over the past 10 years:

  • More than Cdn$7 billion to Canada’s gross value added (GVA), with exports supported by DeBeers mining operations bringing Cdn$4 billion in foreign currency into the country’s economy. In 2015, they represented 28% of Canada’s export earnings from diamonds.
  • Cdn$55 million in support to First Nations through Impact Benefit Agreements (2006-2015).
  • An expected Cdn$24 million contribution to Alberta’s economy by the recent move of headquarters from Toronto to Calgary.
  • Cdn$750 million in exploration across Canada since 1961, supporting almost 100 jobs each year on average.
  • Responsible for the discovery of more than 170 kimberlites to date.

“In the 50 years we have been in Canada, we have seen how our business can be a catalyst for delivering both economic and social value, locally, regionally and across the country,” De Beers Canada’s chief executive Kim Truter said in a statement.

He noted that, only last year, De Beers’ activities contributed Cdn$1.2 billion ($930 million) to the Canadian economy.

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Henry Sapiecha

SHEAR DIAMONDS ACQUIRE JERICHO DIAMOND MINE IN CANADA IN DEAL WITH A SECURED CREDITOR FOR CASH & SHARES

Wednesday, May 2nd, 2012


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THE WALLS OF JERICHO ARE ENCRUSTED
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Edmonton-based Shear Diamonds Ltd. has signed a mutual cooperation agreement with Nunavut Resources Corp. for development of the Jericho Diamond Mine in Nunavut, northern Canada. Shear Diamonds, formerly Shear Minerals,  acquired Jericho — Nunavut’s first and  only diamond mine — in July of last year. The company paid $2 million plus an aggregate of 80 million shares and a 2% royalty to Caz Petroleum, the secured creditor of Tahera Diamond, the mine’s former operator.

Jericho is located 420 km northeast of the City of Yellowknife and is accessible by air all year and by winter road from Yellowknife. The project was mined from 2006 to 2008, and produced 780,000 carats of diamonds from 1.2 million tonnes of kimberlite mined from the open pit operation, before going bankrupt in 2008.
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Over $200 million was invested in the development of the Jericho operations including the construction of a 2,000 tonne per day diamond recovery plant, maintenance facility, fuel farm, and offices and accommodation for 225 personnel.

The agreement signed on Monday by Shear president Pamela Strand and NRC chairman Charlie Evalik sets out provisions for mutual cooperation in the examination of infrastructure and other development opportunities associated with the potential re-development of the Jericho Diamond Mine, according to a news release. It is the first agreement of its kind to be signed by the NRC, an Inuit-owned corporation dedicated to maximize mutual benefits at the Jericho Mine.
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Sourced & published by Henry Sapiecha

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