Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Despite previous indications of the contrary, De Beers Canada has announced that its Victor mine, the first and only commercial diamond operation in the province of Ontario, is shutting down in early 2019.
The mine, which began production in July 2008, was forecast to produce 6 million carats during its life and, according to De Beers, it has already exceeded those projections.
To date, Victor mine has yielded about 7 million carats and it will continue to operate at full production throughout its remaining life, De Beers said.
At one point during the first years of Victor mine’s productive life, De Beers considered an extension of the pit, as well as the chance of processing low-grade stockpiles and possibly developing a nearby deposit called Tango.
Once Victor diamond pit has been depleted in 2019, the demolition and environmental monitoring phase is expected to take three to five years.
The company, however, 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.
Currently Victor mine, one of 18 kimberlite pipes discovered high in the Canadian Arctic in the late 1980’s, employs about 350 people and roughly 150 contractors. The company has made an effort to hire people from the nearby Attawapiskat First Nation as well as other First Nation communities present in the region.
Once the mine pit has been depleted in 2019, the demolition and environmental monitoring phase is expected to take three to five years.
Kim Truter, CEO of De Beers Canada, said the company is working closely with community partners to create opportunities for employment and awarding contracts that will be required during this phase.
De Beers, a unit of mining giant Anglo American (LON:AAL), has been operating in Canada since it carried out its first explorations in 1961. Victor was its first economic diamond discovery in the country. In 2016, De Beers with its joint venture partner, Mountain Province Diamonds, opened the Gahcho Kué mine in the Northwest Territories, the largest new diamond mine to open in more than a decade.
2 Comments
stewart jacksons
Another mining operation bites the dust and closes with major resources to be left unmined because of lack of access roads. Mining developed Canada and the USA by construction of railroads and roads.
Quebec, and belatedly the Yukon and part of the great North is realizing that roads are necessary and not evil for the creation of new wealth, employment and opportunities throughout this bog-bound Canadian Shield so rich in mineral resources. When will the politicians wake up and when will the BANANAS and Bunny Huggers cease and desist.
Soucy
Sad to see another mine shutting down