(www.ft.com) - Only eight years ago, De Beers celebrated the opening of Snap Lake — a landmark project for the diamond producer. The diamond mine in Canada’s remote North West Territories was De Beers’ first outside its African heartland and the first completely underground diamond mine in the country. By the end of 2014, $2.2bn had been spent on development and operations. Yet today, not a single diamond is being produced at Snap Lake, which has been closed with the loss of more than 400 jobs as De Beers responds to one of the worst market downturns in diamonds for years. The temporary closure of the mine summed up the problems facing the diamond industry during 2015, when a downturn gathered pace and led to financial pain for miners, dealers and retailers.
News
European Commission names Eldorado’s copper-gold mine in Greece strategic
The European Commission (EC) has designated the Skouries copper-gold mine in northern Greece, operated by Eldorado Gold Corporation, as a strategic project under the Critical Raw Materials Act (CRMA).
Today
Copper 360 intersects new copper sulphide mineralisation at Rietberg
Copper 360 has intersected copper sulphide mineralisation at its South African Rietberg underground mine about 16 metres before reaching the planned 300 Level (300L) elevation, earlier than expected from the company's geological model.
Today
Namdeb seeks State recapitalisation as diamond prices erode revenue
Namdeb Holdings, comprising Namdeb and Debmarine Namibia, has approached the Namibian government for financial assistance as falling global diamond prices cut into revenue, The Namibian reports.
Yesterday
Nornickel and Reksoft Implement "smart vision" to protect production
Nornickel has deployed a neural network-based video analytics system across its facilities, designed to prevent equipment breakdowns and production stoppages, the company’s press service reported.
Yesterday
Lundin achieves record quarterly gold output at its flagship Ecuador mine
Vancouver-based Lundin Gold has reported that in the third quarter of 2026, gold production at its Fruta del Norte mine in southeast Ecuador hit a new quarterly record.
Yesterday
