De Beers study highlights mine’s economic spinoffs – by Len Gillis (Timmins Daily Press – September 9, 2016)

The company report said that between 2006 and 2015, De Beers
Victor operation also contributed $41 million to First Nations
communities through Impact Benefit Agreements (IBAs).

TIMMINS – Even with only a few years of operation left, the De Beers Victor Mine in the James Bay lowlands area continues to help sustain the Canadian economy with the injection of billions of dollars worth of employment, foreign investment and some of the highest quality gems in the world.

It was all outlined Wednesday when the company produced a special report highlighting the overall importance of diamond mining in Canada. The 24-page document, titled Socio-Economic Impact Report De Beers in Canada, was prepared by Ernst and Young. It spells out in detail that the company continues to invest multi-billions of dollars in Canada’s economy and hundreds of millions in the Ontario economy.

And by far most of the De Beers money spent in Ontario has been spent here in Northern Ontario, in Timmins and Attawapiskat, which is the closest community to the De Beer Victor Mine.

“Well it is important that we actually do provide our story. And as you can see there’s some very relevant numbers in that report and there are some important anecdotes and data, including things like De Beers has been in Canada for over 50 years,” said Kim Truter, chief executive officer of De Beers Canada in a conversation with The Daily Press.

Truter said it is important for Canadians to be aware that the diamond industry is an outstanding contributor to the GVA (Gross Value Added) and that Canada is the third largest diamond producing country in world, in terms of production value. Truter said the Victor Mine has been hugely instrumental in that by producing some of the most valuable diamonds in the world.

While the report was done on a national scale, highlighting the company’s newest venture in the Northwest Territories, it also highlighted the significant role of the Victor Mine in the past 10 years.

For example, the report reveals that since 2008, De Beers has contributed $12 million a year for the upkeep of the Victor Mine ice road alone. The company has also spent more than half a million dollars on education programs in the past five years.

For the rest of this article, click here: