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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.
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Tags:
De Beers, De Beers Canada, Rapaport News, Snap Lake mine, Snap Lake Northwest Territories Canada
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