An Ernst & Young (EY) report for the De Beers Group of Companies has revealed that the under-construction Gahcho Kué diamond mine is expected to provide a C$6.7bn ($5.1bn) boost to the Canadian economy.
Located in the Northwest Territories (NWT), the mine is a joint venture (JV) between De Beers Canada (51%) and Mountain Province Diamonds (49%).
Gahcho Kué is set to open later this month and is expected to produce around 54 million carats of rough diamonds in its operating life.
Between 2006 and 2015, the mine development has already provided a C$440m ($341m) boost to the NWT economy.
Once Gahcho Kué becomes operational, almost 90% of its economic impact will be delivered. Last year, the mine provided more than 2,700 jobs.
The report looks into the socio-economic impact of De Beers in Canada, and also revealed that the company has contributed more than C$7bn ($5.4bn) to the country’s gross value added (GVA) in the last ten years.
Furthermore, the report noted that De Beers’ investment in its Victor Mine underpinned the C$3.7bn ($2.8bn) in GVA that the mine contributed to the Ontario economy during 2006 and 2015.
De Beers Canada chief executive Kim Truter said: “Gahcho Kué is an important project for us, but also for the Northwest Territories and local communities it supports.
"It will contribute economically through a significant annual spend that places a priority on partnering with communities, local procurement, local hiring and local social investment."
The company has invested C$750m ($581m) in exploration across Canada since 1961 and supported almost 100 jobs each year on average.