Ontario Cuts A Deal For New Diamond Industry
McGuinty Government Adds Sparkle To Provincial Economy
Ontario has taken the next step to expand its new diamond industry.
As a result of an agreement in principle between the McGuinty government and De Beers Canada, operator of Ontario's first diamond mine, activities such as cutting and polishing will be expanded in Ontario.
The province and De Beers Canada have agreed that 10 per cent of the Victor Mine's production, by value, will be made available for activities such as cutting and polishing in Ontario.
De Beers' Diamond Trading Company will be offering an estimated $25-million worth of rough stones a year to a designated buyer or buyers, known as Sightholders. The Sightholder(s) will be chosen through an international competition, and will be expected to set up processing operations in Ontario. Northern Development and Mines Minister Michael Gravelle will travel to London, England, to promote investment in Ontario at a meeting of potential Sightholders on July 7.
- The Victor Mine is expected to generate more than 400 full-time production jobs and approximately 600,000 carats of diamonds a year during its 12-year lifespan.
- James Bay Aboriginal communities have already benefited from construction jobs, direct payments, training programs, infrastructure and more than $175 million in joint ventures.
“This agreement opens the door to a vibrant Ontario diamond cluster that could one day include diamond trading, jewelry manufacturing, marketing, tourism and other activities.”
“De Beers Canada’s investment will create a $6.7 billion in GDP economic impact, contributing to sustainable growth in the First Nation communities of James Bay, Northeastern Ontario and Ontario.”