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.