De Beers Canada Publishes Socio-Economic Report

De Beers Canada Inc. spent $295.9 million in 2008 at Snap Lake, the company stated in the 2008 annual Snap Lake Socio-Economic Report. This brought the company’s investment on Snap Lake’s construction and operations to $1.235 billion at the end of that year.

According to the report, of the $295.9 million spent in 2008, $218.7 million was spent with NWT businesses and $132.9 million spent with northern Aboriginal businesses or joint ventures.

The company also announced that its northern workforce grew to 274 people, shy of its NWT Residency target forecasted during the environmental assessment.

The De Beers Books in Homes Literacy initiative completed its sixth year with more than 17,000 books delivered to children in communities close to the diamond mine.

The positive report is marred by the wide scale layoffs that followed, one of the reactions to the economic downturn. De Beers Canada terminated more than 300 jobs in two waves, reducing Snap Lake staff by about 20 percent, as it cutback diamond production.

“Our employees did an amazing job in 2008 and their resilience is bringing us through the turbulent times of 2009,” said Chantal Lavoie, COO of the company.