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De Beers Selling Unprofitable Snap Lake Mine
Jul 24, 2016 10:26 AM
By Rapaport News
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RAPAPORT... De Beers has put the Snap Lake diamond mine in Canada up for sale after operations were suspended in December, Reuters reported.
The miner has hired Bank of Montreal to market the mine in
the Northwest Territories, the report cited a De Beers spokesperson as saying.
The mine has failed to make money since production started
in 2008. In June, De Beers received approval to flood the mine’s tunnels,
reducing its maintenance costs. The flooding has not taken place yet but
planning work for it continues.
Before flooding the mine, "we thought it would be
prudent to see if there was an interest," Ormsby was cited as saying in
the news report.
If no qualified buyer is found, De Beers may proceed with flooding the mine in
the fourth quarter, Ormsby added.
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Tags:
Bank of Montreal, Canada, De Beers, mines, mining, northwest territories, Rapaport News, Snap Lake
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