De Beers Launches Two Diamond Mines In Canada

Yellowknife, Canada (AHN) - The world's largest diamond company De Beers opened on Friday and Saturday two diamond mines in Canada, Snap Lake in Northwest Territories and Victor in northern Ontario. The two mines are targeted to produce two million carats annually.

De Beers officials said that it took the company several years and more than C$1 billion to build each mine.

In the development of the mines, De Beers established good relationships with local aboriginal communities as well as observed high environmental standards.

Aside from direct employment for the aborigines, the mines are expected to sustain local development. De Beers has already spent over C$650 million for Aboriginal businesses.

De Beers will also support the secondary diamond industry in Canada. The diamond miner have signed agreements with the provincial governments of the Northwest Territories and Ontario for the company to allow the sale of 10 percent of diamonds from the mines, by value, to approved manufacturers who have complied with De Beers Diamond Trading Company's client selection criteria.

De Beers said the two mines are its first mines outside of Africa. The National Post, on the other hand, reported Snap Lake and Victor are the country's fourth and fifth mines, respectively.

Ekati in the Northwest Territories was the country's first, which opened in 1998, and the second, Diavik, in 2002 also in the same province. Jericho, Canada's third, opened in 2006 but closed after 18 months when operator, Tahera Corp., went bankrupt.