The Opening of Two New Diamond Mines in Canada represents Historic Firsts
Toronto – July 30, 2008 – History was made earlier this week with the opening of two new diamond mines in Canada.
The Victor mine, located in northern Ontario, is the province’s first ever diamond mine. The Snap Lake Mine is located in the Northwest Territories and is Canada’s first fully underground diamond mine. Both mines are owned by De Beers and represent the company’s first diamond mines outside southern Africa. The fact that both mines were opened in the same week is also a first.The Victor mine is close to the Attawapiskat First Nation and will employ 400 people during its 12 years of production. The mine will yield an estimated 600,000 carats a year.
The Snap Lake mine will employ 560 people during production and will have an annual production of approximately 1.4 million carats. The mine is expected to be in production for some 20 years.
De Beers notes that, between the Snap Lake and Victor mines, over $650 million dollars has been spent with aboriginal business. The company has signed four Impact Benefit Agreements (IBA) for the Snap Lake mine including the Yellowknife Dene First Nation (November 2005), the Tlicho Government (March 2006), the North Slave Metis Alliance (August 2006) and Lutsel K’e and Kache Dene First Nation (April 2007).
The Victor mine has signed three community agreements including an IBA with the Attawapiskat First Nation (November 2005), a Working Relationship Agreement with the Taykwa Tagamou Nation (May 2005), and an IBA with Moose Cree First Nation (September 2008).
Canada is the world’s third largest diamond producer, based on value, behind Botswana and Russia.
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