De Beers to Temporarily Shut Snap Lake Mine

De Beers Canada will shut down its Snap Lake diamond mine for 10 weeks in 2009 in an effort to conserve cash, according to a report by Northern News Service.

The first shutdown will take place over six weeks in the summer, between July 15 and Aug. 26; the second will fall over four weeks in December, according to the report, which sources a De Beers Canada spokesperson.

The spokesperson reportedly said the shutdowns are going to affect approximately 430 employees at Snap Lake.

De Beers reportedly said it is undertaking the shutdowns to reduce its spending on accommodations, meals, air transportation, and power during the current financial crisis. The spokesperson said that the company is trying to manage the crisis so that when the economy turns around the mine will be ready.