De Beers to Clear Site of Ill-Fated Mine that Cost $2.2bn
May 24, 20
De Beers has been given permission for a long-term clean-up at the site of its ill-fated Snap Lake mine, in Canada.
The company invested over $2.2bn in its first mining project outside Africa.
Snap Lake (pictured) had an expected 15-year life when it opened in July 2008, but was closed seven-and-a-half years later, after a decline in diamond prices and ongoing water problems at the mine.
The site of the fly-in/fly-out underground operation, 140 miles north east of Yellowknife, Northwest Territories, will now be reclaimed and landscaped, and buildings will be demolished.
A Northwest Territories regulatory board has agreed details of a major project that will take 18 years in total, according to Canadian broadcaster CBC News.
De Beers allowed the mine to flood in 2017 after work finished and it was unable to find a buyer. It will post a $22.2m security deposit for the closure.