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DE BEERS’ CANADIAN ACTIVITIES CONTRIBUTE SIGNIFICANTLY TO COUNTRY’S ECONOMY
08 September 2016
EY (Ernst & Young) has published a report, commissioned by The De Beers Group of Companies, which examines the socio-economic impact of De Beers' activities in Canada.

The report notes that the development of the Gahcho Kué mine in Canada's Northwest Territories (NWT), a joint venture between De Beers Canada (51 per cent) and Mountain Province Diamonds (49 per cent), has so far contributed C$440 million (US$341 million) to the NWT economy - and a further C$350 million (US$272 million) to the rest of Canada.

Set to open officially later in September, the mine is expected to produce approximately 54 million carats of rough diamonds over its lifetime, and contribute a further C$5.3 billion (US$4.1 billion) in gross value added to the NWT's economy.

Including its downstream supply chain impacts, the mine supported more than 2,700 jobs in 2015, notes the EY report, with employment at the site representing more than 10 percent of employment in the NWT's extractive industries.

Commenting on the report, De Beers Canada's Chief Executive Kim Truter says: "Diamonds are perhaps one of Canada's best kept secrets, yet, as this report shows, they contribute significantly to the economy. In the 50 years we have been in Canada, we have seen how our business can be a catalyst for delivering both economic and social value, locally, regionally and across the country."

Continues Truter: "Gahcho Kué is an important project for us, but also for the Northwest Territories and local communities it supports. It will contribute economically through a significant annual spend that places a priority on partnering with communities, local procurement, local hiring and local social investment."
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