Why De Beers is Flooding a Subarctic Diamond Mine After 8 Years
- Rich Snap Lake deposit failed to make a profit in eight years
- Mine in Northwest Territories kept on care and maintenance
De Beers to Flood Massive Diamond Mine
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Anglo American Plc’s De Beers will flood a massive diamond mine located beneath a subarctic lake in Canada’s Northwest Territories after failing to find a buyer.
De Beers will begin inundating tunnels at its Snap Lake mine in early January, it said in a statement distributed late Thursday. In April, it put the site on care and maintenance, saying it would decide whether the mine could be made viable in the next year. The company hired Bank of Montreal as an adviser to sell it, but no agreement could be reached.