Xstrata makes a $1 billion to Eland

Eland's value up 18%

Post By : Diamond World News Service On 08 August 2007 12:00 AM
NORTHERN Ontario is coming up in a big way for diamond explorations as more diamond-bearing kimberlities are being discovered. Northern Ontario has huge potential as a major diamond-producing region. Canada is currently the third largest rough diamond supplier in the world and diamond exploration experts believe there is abundant resources to fuel even more growth.With diamond mines in South Africa, Botswana and Australia coming to the end of their productive life and no major new discoveries in those areas to replace the supply, world’s diamond exploration efforts are being diverted to Canada.%%The Victor Diamond Mine is Ontario’s first diamond mine. It is owned and operated by DeBeers Canada. The project will create 600 construction and 375 new, full-time jobs in Attawapiskat and nearby communities. Over a period of time project could generate up to 3,200 jobs across the province. The mine is expected to begin production in 2008 and turn out about 6 million carats of diamonds. In total, DeBeers Canada will invest over $980 million in the project.

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