De Beers Canada Calls Off Planned Mine Shutdown

30 September 2009 (Last Updated September 30th, 2009 18:30)

De Beers Canada has cancelled a proposed four-week shutdown at its Snap Lake diamond mine in Canada's Arctic because of improvements in the global diamond industry. Snap Lake, which is the company's first mine outside of South Africa, is situated in the Northwest Territories of Canada a

De Beers Canada has cancelled a proposed four-week shutdown at its Snap Lake diamond mine in Canada's Arctic because of improvements in the global diamond industry.

Snap Lake, which is the company's first mine outside of South Africa, is situated in the Northwest Territories of Canada and produces about 1.4 million carats each year, Reuters reports.

De Beers Canada chief executive Jim Gowans said that the decision has been made because of market conditions, the news service said.

"This is a good news decision in response to some positive trends we are seeing in the market place," Gowan said.

Earlier this year, De Beers announced the shutdown as the economic slowdown impacted sales of luxury goods.