08 Dec 2022
DiamondWorld Directory
-
Home |
News
Home
Canada’s Newest Diamond Mine to Provide C$6.7 Billion Boost to Economy
Report also reveals C$55m First Nations support from De Beers
By: Diamond World News Service
|
Sep 9 2016 2:45PM
|
Reference: 13408  

DecreaseIncrease

Gahcho Kué, the world’s largest new diamond mine under construction, will provide a C$6.7 billion boost to the Canadian economy according to a report published by EY for The De Beers Group of Companies.

The new mine, located in the Northwest Territories (NWT), is a joint venture between De Beers Canada (51 per cent) and Mountain Province Diamonds (49 per cent). Set to open officially later this month, it is expected to produce approximately 54 million carats of rough diamonds over its lifetime,1 reinforcing Canada’s position as the world’s third largest diamond producer by value.

Underpinned by a C$1 billion capital investment, the development of Gahcho Kué between 2006 and 2015 has already provided a C$440 million boost to the NWT economy.

However, almost 90 per cent of Gahcho Kué’s economic impact will be delivered once the mine becomes fully operational. Including its downstream supply chain impacts, the mine supported more than 2,700 jobs in 2015, with employment at the site representing more than 10 per cent of employment in the NWT’s extractive industries.

The report, which looks into the socio-economic impact of De Beers in Canada, also shows:

  • In the last 10 years alone, De Beers has contributed more than C$7 billion to Canada’s GVA2and exports supported by its mining operations have brought C$4 billion in foreign currency into the Canadian economy.
  • Across Canada, De Beers supports 11 communities, including C$55 million in support to First Nations through Impact Benefit Agreements (2006-2015).
  • De Beers’ investment in its Victor Mine has underpinned the C$3.7 billion in GVA that the mine has contributed to the Ontario economy (2006-2015), while supporting an average of 1,360 full time equivalent jobs annually.
  • The relocation of De Beers Canada’s headquarters from Toronto to Calgary is expected to make a C$24 million annual contribution to Alberta’s economy, while supporting almost 160 jobs annually in Alberta.
  • De Beers has invested C$750 million in exploration across Canada since 1961, supporting almost 100 jobs each year on average. The company has been responsible for the discovery of more than 170 kimberlites to date.

Kim Truter, Chief Executive, De Beers Canada, said: “Diamonds are perhaps one of Canada’s best kept secrets, yet, as this report shows, they contribute significantly to the economy. 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.”

De Beers has been operating in Canada since it carried out its first exploration programme in 1961. Last year, its operating mines collectively accounted for almost a third of Canada’s diamond export earnings.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
DWWeeklypost
Search News by City
Advertisement
DWsubscription
Recent Issue
2022
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 32048
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 9552
GJEPC Chairman Interview
Views: 28146
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 39392
Promo for IJ Awards 2012 at NDTV Profit
Views: 57082
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 68576
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21898
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 50949
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 53142
Advertisement
DWsubscription
Member of:
Supporter of: