De Beers Confirms It’s Selling Snap Lake

The Canadian mine was De Beers’ first outside of Africa

De Beers has confirmed it is selling Snap Lake, the mine in Canada’s Northwest Territories it recently closed.

The news was first reported by Reuters. Snap Lake was De Beers’ first mine outside of Africa.

“We have engaged BMO Capital Markets to determine if there are other qualified operators in the market who may wish to buy Snap Lake,” says De Beers spokeswoman Lynette Gould.

If that doesn’t happen, the company will go ahead with a plan to flood its underground workings, Gould says.

Snap Lake had been long beset by problems; in 2005, when it opened, an executive told the press it was no “dripping roast.” Reports called the mine unprofitable since its inception.

But noting the mine has the potential to produce 28 million–30 million carats a year, Gould says, “We believe the long-term value of the ore body is significant and the responsible approach is to bring this asset back into production at some point in the future, creating economic value for the operator, the communities and the people of the Northwest Territories.”

(Photo by YK Times)

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