De Beers's Gahcho Kué Diamond Mine to Reach Full Capacity Early Next Year
August 03 2016 - 10:09AM
Dow Jones News
By Alex MacDonald
LONDON--De Beers Group, the world's largest producer of diamands
by value, said Wednesday that its recently commissioned Gahcho Kué
diamond mine in the Northwest Territories of Canada will ramp up to
full commercial production in the first quarter of next year after
producing its first diamonds June 30.
The mine, touted to be the largest new diamond mine in years,
will be able to recover 4.5 million carats a year from the mine and
produce a total of 54 million carats over the mine's 13 year
operating life, De Beers said.
De Beers, which is majority-owned by Anglo American PLC
(AAL.LN), has a 51% stake in the mine. The company spent about $500
million to cover its share of the mine's development costs.
The company began building the mine in the winter of 2014-15 and
completed the construction on time and on budget. Gahcho Kué is
located about 280 kilometers north east of Yellowknife in the
Canadian Northwest Territories and is jointly owned by De Beers and
Mountain Province Diamonds, which owns the remaining 49% stake.
-Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
August 03, 2016 09:54 ET (13:54 GMT)
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