De Beers’ Victor Mine Expansion Making Progress

CBC News reported that according to De Beers spokesman Tom Ormsby, the company is going forward with environmental studies regarding the expansion of its Victor diamond mine, located in Attawapiskat, Canada.

As quoted in the market news:

Ormsby said De Beers and Attawapiskat appear to have moved past tensions related to roadblocks of the existing Victor mine from last winter.

He says if the diamond mining company goes ahead with this new project, there could be a re-negotiating of the impact benefit agreement with the James Bay first nation.

‘We’re not there yet. We hope to make this go, but there’s still some hurdles we need to accomplish to get various approvals and the final data to say ‘Yes, this is going to be economic’,’ Ormsby said.

Click here to read the full CBC News report.