Ontario Values Its Diamonds
McGuinty Government Selects Aboriginal Firm To Assess Worth Of Mine Output
A Canadian company with majority Aboriginal ownership will help Ontario put a value on rough stones that will be extracted from the province's first diamond mine.
After an international competitive bidding process, the Ontario government has selected Diamonds International Canada (DICAN) Limited to assess the value of diamonds produced at De Beers Canada Limited's new Victor Mine. The company will also provide the government with advice on valuation and auditing of diamond production.
The Victor Mine is now gearing up for full production about 90 kilometres west of Attawapiskat, a Cree community on James Bay. It is expected to generate about 375 full-time production jobs and approximately 600,000 carats of diamonds a year during its 12-year lifespan.
- De Beers Canada Ltd. has negotiated Impact Benefit Agreements with First Nations in the area of the mine site and along the transportation route to the mine.
- Canada produced its first diamonds at the Ekati Mine in the Northwest Territories in October 1998. By 2004, it had become the world’s third-largest diamond producer in terms of value.
“The selection of top-notch specialists to value Victor Mine’s diamond production is a key element in establishing a new and exciting industry for Ontario, particularly for our northern communities.”