HOME PAGE SUBSCRIPTIONS, Print Editions, News Bulletin PRODUCTS READ MINING NEWS ARCHIVE ADVERTISING EVENT READ THE PETROLEUM NEWS, EXTENSIVE ARCHIVES! SUBSCRIBE TO PETROLEUM NEWS -BAKKEN-

Providing coverage of Alaska and Northwest Canada's mineral industry
August 2006

Vol. 11, No. 35 Week of August 27, 2006

MINING NEWS: Jericho diamond mine opens in Nunavut

Rose Ragsdale

Tahera Diamond Corp. celebrated the opening Aug. 17 of Jericho, Canada’s third operating diamond mine and the first diamond mining venture to come online in the arctic territory of Nunavut.

Just across the Northwest Territories border about 260 miles from Yellowknife, Jericho will eventually produce 375,000 carats of diamonds a year to yield 2.6 million carats over the initial eight-year life of the mine. Tiffany & Co., a marketing and financing partner in the venture, has first dibs on the mine’s output, as well as a contract to market any remaining stones for Tahera, a Toronto-based junior mining company.

Canadian Prime Minister Stephen Harper attended opening ceremonies and praised the mine’s developers for providing jobs and benefits for the people of Nunavut.

Open-pit mine will employ 125-175

Jericho is expected to employ 125-175 workers in the open-pit mining operation. It will process up to 2,000 tonnes of ore a day, with an average yield of 1,700 carats of diamonds worth $85-$100 per carat at current prices. Last year, rough stones worldwide sold for $84 a carat on average.

One-tenth the size of Ekati and Diavik, Canada’s two other operating diamond mines in the Northwest Territories, the C$120 million Jericho project is viewed as a potential model for future diamond mining development in the Arctic. Its lower capital costs and rapid development timetable bode well for the venture’s profitability.






Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.miningnewsnorth.com ---
S U B S C R I B E

Copyright Petroleum Newspapers of Alaska, LLC (North of 60 Mining News)(Petroleum News Bakken)(Petroleum News)(PNA)©2013 All rights reserved. The content of this article and web site may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law subject to criminal and civil penalties.