Ontario expands diamond cutting, polishing business

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Ontario expands diamond cutting, polishing business

July 07, 2008

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Toronto, Ontario—The Ontario government and De Beers Canada, operator of the province's first diamond mine, have forged an agreement to expand local cutting and polishing activities.

Under what the Ontario Ministry of Northern Development and Mines called "an agreement in principle" in a statement issued on Friday, De Beers Canada will set aside 10 percent of the Victor Mine's production, by value, and make it available for activities such as cutting and polishing in Ontario.

De Beers' Diamond Trading Co. will be offering an estimated $25 million worth of rough stones a year to a designated sightholder or sightholders, who will be chosen via a competitive process, and will be expected to set up processing operations in Ontario.

Northern Development and Mines Minister Michael Gravelle plans to travel to London to promote investment in Ontario at a meeting of potential sightholders on July 7.

"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," Gravelle said in the statement.

Officials at De Beers Canada said the agreement will fuel economic growth in the area. 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.

"De Beers Canada's investment will create $6.7 billion in GDP economic impact, contributing to sustainable growth in the First Nation communities of James Bay, Northeastern Ontario and Ontario," said Jim Gowans, president and chief executive officer of De Beers Canada.

Thus far, as a result of the mine, the aboriginal communities in James Bay have benefited from construction jobs, direct payments, training programs, infrastructure and more than $175 million in joint ventures.

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