interesting news
De Beers gives go-ahead to Canadian diamond mine
Tue May 10, 2005 4:36 PM GMT-04:00
VANCOUVER, British Columbia (Reuters) - De Beers has formally approved the construction of a diamond mine at its Snap Lake project in Canada's Northwest Territories for C$636 million ($513 million), the world diamond giant said on Tuesday.
Snap Lake, which will be De Beers' first diamond mine outside Africa, will begin production in 2007, reaching full production of 1.5 million carats a year in 2008, the company said in a statement.
Executives of De Beers, a private firm that is 45 percent owned by Anglo American Plc said in January the company could spend nearly C$2.5 billion exploring for diamonds and building mines in Canada.
It has four projects in Canada: Snap Lake, Victor, Gahcho Kue and Fort a la Corne.
De Beers bought Snap Lake in 2000 for C$478 million and has faced a number of difficulties at the site, including keeping out water from the lake located over the underground mine.
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