Official Ground Breaking at Victor Project
June 20, 06 by IDEX Online Staff Reporter
The official ground breaking event to celebrate the construction of the Victor Mine, Ontario's first diamond mine took place yesterday in the presence of the Ontario Premier Dalton McGuinty. The mine will be built and operated by De Beers Canada.
The mine is expected to begin production in 2008 and turn out about 6 million carats of diamonds. In total, De Beers Canada will invest over $980 million (US$872.8 million) in the project. It is estimated the mine could pump more than $6 billion (US$ 5.34 billion) into Ontario's economy. The GDP effect on northeastern Ontario is estimated to be $4.2 billion (US$ 3.74 billion) and the cumulative GDP effect for the province is $6.7 billion (US$5.97 billion).
Speaking at the ground breaking ceremony, Premier McGuinty said, "De Beers' investment here means more than just new jobs. It will provide more opportunity for families, local businesses, and First Nations communities."
Northern Development and Mines Minister Rick Bartolucci, Minister Responsible for Aboriginal Affairs and Natural Resources David Ramsay, Minister of Training, Colleges and Universities Chris Bentley, DeBeers executives and the local community joined Premier McGuinty at the ceremony.
"The Victor Project sends a clear message around the world that Ontario remains a prime jurisdiction for mineral exploration and development investment," said Bartolucci. "It also signals that cooperation among First Nations, government and industry can result in mutually beneficial outcomes for all concerned."
Alongside the Victor Mine, De Beers is also developing the Snap Lake project in the Northwestern Territories, which is scheduled to begin production in fall 2007. The two mines are the company's first outside Africa. De Beers is also taking a third project, Gahcho Kue which is in the NWT, through an environmental assessment.
