Photo by: Mountain Province Diamonds
TORONTO (miningweekly.com) – Precious gems giant De Beers Canada and junior Mountain Province Diamonds on Thursday announced that the Minister of Environment and Natural Resources of the Northwest Territories government Michael Miltenberger had approved a ‘Type A’ water licence for the Gahcho Kué diamond project.
"This is another important milestone for Gahcho Kué and we want to thank the Minister for his review and approval of the water licence in such an efficient manner. The Gahcho Kué mine represents a significant investment which will result in employment and business opportunities that will contribute to the economic growth and prosperity of the Northwest Territories,” De Beers Canada CEO Tony Guthrie said.
Gahcho Kué would employ close to 700 people during the two years of construction and about 400 people during its operational phase.
According to the revised and updated feasibility study, the project will cost C$859-million to construct and the operation will require working capital of C$80-million.
Costs to ramp up the operation through to January 2017 have been estimated at C$82-million.
The start of production is targeted for 2016.