Photo by: Mountain Province Diamonds
TORONTO (miningweekly.com) – The Mackenzie Valley Land and Water Board (MVLWB) has issued a Type A land use permit for diamond major De Beers and partner Mountain Province Diamonds’ Gahcho Kué project, in Canada's Northwest Territories, and has forwarded the licence for final approval to the Environment and Natural Resources (ENR) Minister of the government of the Northwest Territories.
"This represents one of the final regulatory steps for the Gahcho Kué diamond mine and is the result of very hard work by the project team over the past eight years with the board, regulatory agencies, Aboriginal parties, communities and other stakeholders,” De Beers Canada CEO Tony Guthrie said.
Mountain Province CEO Patrick Evans added that Gahcho Kué, as the world's largest and richest new diamond mine, would maintain Canada's position as a significant diamond producer.
“Employment created by Gahcho Kué and revenues generated by the mine will contribute to growth and prosperity in the Northwest Territories,” Evans noted.
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.