De Beers Gives Go-ahead to Snap Lake Project
May 10, 05
De Beers' board has approved the building of a diamond mine at its Snap Lake project in Canada's Northwest Territories for C$636 million ($513 million). Production at De Beers' first diamond mine outside Africa is planned to start in 2007, with full production of 1.5 million carats per annum the following year. The miner paid C$478 million for Snap Lake in 2000. De Beers said at the start of this year it may spend almost C$2.5 billion exploring for diamonds and constructing mines in Canada, the world’s third-largest diamond producer. De Beers has four projects in Canada: Snap Lake, Victor, Gahcho Kue and Fort a la Corne.