Categories: General Market Commentary
Topics: General Market Commentary

World’s largest, newest diamond mine to inject $5.2bn into Canada’s economy

World’s largest, newest diamond mine to inject $5.2bn into Canada’s economy

Cecilia Jamasmie

Gahcho Kué, the world’s largest new diamond mine due to begin production later this month, is expected to contribute $5.2 billion (Cdn$6.7 billion) to Canada’s economy and provide 1,200 new jobs, a report released Thursday by majority owner De Beers shows.

Gahcho Kué is expected to contribute $5.2 billion (Cdn$6.7 billion) to Canada’s economy and provide 1,200 new jobs.
Situated almost 300 kilometres east of Yellowknife, in Canada’s Northwest Territories, the mine — a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%) — has so far provided a $341 million (Cdn$440 million) boost to the NWT economy, the reports says. It has also contributed a further $272 million (Cdn$350 million) to the rest of Canada, according to the figures released by De Beers.

But what makes the mine especially important is the fact that two of Canada's major diamond mines — Diavik and Ekati — are approaching the end of their productive lives, and —although it's smaller— Gahcho Kué would be able to offset the production drop-off.

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