Firm has determined it's not economically viable to extend the life of the diamond mine, which can only be accessed by air year round, or by a winter road for five or six weeks in January and February.
De Beers Canada Mining News
De Beers Group today announced it is leading a ground-breaking research project that aims to deliver carbon-neutral mining at some of the company’s operations in as few as five years.
De Beers Group increased returns to governments, communities, supply chain partners and its joint venture partners by 26 per cent to US$5 billion in 2016, according to its latest Report to Society, published today.
It has acquired the 50% interest French luxury goods group LVMH had in De Beers Diamond Jewellers for an undisclosed amount.
Gahcho Kué, owned by De Beers Canada and Mountain Province Diamonds, is expected to produce around 54 million carats of rough gems over its 12-year lifetime.
The 67.87-carat gem quality octahedron diamond, unearthed during production ramp-up, is the largest of its kind recovered to date at the remote mine.
The world's largest diamond company has been exploring for kimberlites north of the decommissioned Cluff Lake uranium mine.
Work on flooding the tunnels of the shuttered diamond mine will start in early January and is expected to take between six and eight weeks.
Global rough diamond production will reach its peak in only three years before entering into a supply deficit by 2020, two separate reports show.
Suit claims company failed to report mercury levels at five of nine water monitoring stations near Victor mine.
The world’s top diamond producer by value said results were in line with expected seasonal demand patterns.
Still, the world’s biggest diamond producer by value said the auction was better than it had expected.
Gahcho Kué, a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%), is expected to inject $5.2bn into Canada’s economy.
De Beers, the world's biggest diamond producer, warns that many of the challenges affecting the industry last year are likely to continue over the next decade.
Gahcho Kué, co-owned by De Beers Canada and Mountain Province Diamonds, is also expected to provide 1,200 new jobs.
The move comes as the company readies to open what it calls the world’s biggest diamond mine currently under construction.
While Dominion Diamond has pushed construction of Ekati’s new Jay pipe to 2018, Rio has said that a denial of a request to change its water licence could have an adverse impact on Diavik.
Current strategy director Bruce Cleaver will replace Philippe Mellier, who held the position for five years.
Gahcho Kué, the world's largest new diamond mine under development, is now 94% complete with first production planned for the second half of this year.
In a fresh attempt to counter weakening demand, the diamond giant is said to have cut prices by as much as 7% at the Jan. 18 sale.
Robert Gannicott's replacement as chairman will be Jim Gowans, a former DeBeers Canada CEO and most recently the co-president of Barrick Gold,.
Investors have publicly called on the company’s independent directors to deal with the “misguided policies and missed opportunities” that have hurt their investment.
The rating and research agency expects producers to have to deepen cut prices as supply and demand challenges continue into the new year.
The Gahcho Kué mine will take in a number of the hundreds of workers laid off at Snap Lake.
Hong Kong billionaire Joseph Lau bought the world's most expensive diamonds for his 7-year-old daughter, in less than 24 hours.