World’s largest & newest diamond mine to boost Canada’s economy by $5.2b

World’s largest & newest diamond mine to boost Canada’s economy by $5.2b

The world’s largest new diamond mine, Gahcho Kué, is expected to inject US$5.2 billion into Canada’s economy and provide up to 1,200 jobs.

The mine, a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%), is located 300km east of Yellowknife, in Canada’s Northwest Territories (NWT).

It has so far provided a $341 million boost to the NWT economy and has contributed an additional $272 million to the rest of Canada, according to De Beers.

Canada’s two major diamond mines – Diavik and Ekati are almost at the end of their productive lives and Gahcho Kué will be able to balance out the production drop-off.

Kim Truter, De Beers Canada’s chief executive said: “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.

“Gahcho Kué is an important project for us, but also for the Northwest Territories and local communities it supports. It will contribute economically through a significant annual spend that places a priority on partnering with communities, local procurement, local hiring and local social investment.”

@RGNOnline