YELLOWKNIFE, Aug. 15 /CNW/ - De Beers Canada Inc. and the Government of
the Northwest Territories (GNWT) are pleased to announce that an agreement has
been reached regarding the provision of rough diamonds from the proposed
Gahcho Kué Project.
De Beers Canada Inc. will make available ten percent (10%) by value, in
economically cuttable categories, of its rough diamonds from the Gahcho Kué
Project, for sale to GNWT approved manufacturers who have successfully
fulfilled the Diamond Trading Company's (DTC's) client selection criteria. The
DTC is the sales and marketing arm of De Beers.
"Today's announcement, together with the Snap Lake arrangements confirmed
in February this year, reflect De Beers' continued commitment to the GNWT's
value-added diamond manufacturing program and our shared commitment to a
sustainable local industry," Minister of Industry Tourism and Investment
Brendan Bell says.
The agreement builds on the arrangements in place for Snap Lake diamonds,
enabling GNWT approved manufacturers equitable access to Gahcho Kué rough
diamonds. Gahcho Kué diamonds made available to GNWT approved manufacturers
will be able to be certified as diamonds mined, cut and polished in the NWT.
Commenting on the agreement, Jim Gowans, President and CEO of De Beers
Canada said: "This agreement provides further opportunities for local
manufacturers to add value to, and derive benefit from, diamonds produced at
the proposed Gahcho Kué mine, and is consistent with the agreement announced
regarding Snap Lake diamonds earlier this year."
De Beers will have a local sorting presence in Yellowknife where its Snap
Lake and Gahcho Kué diamonds will be separately valued for royalty purposes in
accordance with the requirements of the Canada Mining Regulations. De Beers'
Snap Lake and Gahcho Kué diamonds will be prepared for sale to DTC clients by
the DTC in London. De Beers will provide training for NWT residents in diamond
To ensure the continued integrity of its government-certification
process, the GNWT has maintained the right to monitor the manufacturing and
valuation process in Yellowknife and the process for selling De Beers'
diamonds from both Snap Lake and the proposed Gahcho Kué Project to GNWT
GNWT approved manufacturers wishing to purchase rough diamonds from
either of the projects will first need to apply to become a client of the DTC.
Applicants are assessed against fair and objective assessment criteria,
including, importantly, their adherence to ethical business practices as set
out in the DTC's Best Practice Principles.
The Gahcho Kué Project is currently advancing through the Environmental
Impact Review process.
For further information:
For further information: Linda Dorrington, Director, Public & Corporate
Affairs, De Beers Canada Inc., Tel: (416) 645-1710 x 2107; Cathie Bolstad,
Manager, Public & Corporate Affairs, NWT Projects, De Beers Canada Inc., Tel:
(867) 766-7325; Julia Mott, Coordinator, Cabinet Communications, Office of the
Premier, Government of the Northwest Territories, Tel: (867) 669-2304