De Beers is ceasing production at its Snap Lake mine in Canada’s Northwest Territories, putting it on care and maintenance and laying off 434 employees. The company says the decision comes after a review of the mine’s operation and current market conditions.
The Snap Lake and Victor mines are officially open for business. After several years and an investment of more than $1 billion each, De Beers launched Canada’s fourth and fifth diamond mines late last month.
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