De Beers Snaps Up Remaining Interest at Snap Lake

December 22, 2000

De Beers Snaps Up Remaining Interest at Snap Lake

De Beers has purchased the remaining outstanding shares of the Snap Lake Project in Canada's Northwest Territories. The $173 million Canadian purchase (worth approximately $115 million in U.S. funds), from Aber Diamond Corp. was announced Dec. 21.

In August, De Beers successfully negotiated a takeover bid of 68% of the Snap Lake project's shares, then owned by Winspear Diamonds Inc. The December purchase of Aber's shares gives De Beers 100% ownership of the project. Snap Lake will be Canada's first underground diamond mine and represents De Beers' strongest foothold in the Northwest Territories.

- by Robert Weldon, G.G.