New York firm to buy, market Nunavut diamonds - March 30, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryMarch 2003

Vol. 7, No. 13

Week of March 30, 2003

New York firm to buy, market Nunavut diamonds

Gary Park, PNA Canadian correspondent

Hopes for the first diamond mine in Canada’s Nunavut Territory took a big leap forward March 10 when New York-based Lazare Kaplan International signed a deal to buy and market diamonds from Tahera Corp.’s Jericho project.

Lazare gets the right to buy 100 percent of production with an expected annual value of US$36 million, while Tahera keeps an option to market 25 percent of production. The two firms have the right to set up a 50-50 joint venture to polish the diamonds.

Tahera hopes to get regulatory approval this year to start building in 2004 and producing in 2005.

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