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De Beers Gets Approval to Flood Snap Lake Mine

Jul 3, 2016 7:02 AM   By Rapaport News
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RAPAPORT... De Beers Canada got permission to flood the tunnels of the Snap Lake mine in the country’s Northwest Territories after suspending work at the project last year, Reuters reported.

The company is considering whether to sell, close, re-open or continue suspension at the mine, which it put onto care and maintenance in December because of poor market conditions.

The mine has made no money since production began in 2008 and produced 1.2 million carats in 2015, according to the report. It was expected to remain operational until 2028.

Flooding the tunnels will cut costs to pump out water and reduce environmental risk, the report said.

The temporary closure, approved on an interim basis, could run for three or more years, according to Reuters.
Tags: De Beers, De Beers Canada, Rapaport News, Snap Lake mine, Snap Lake Northwest Territories Canada
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