De Beers’ newest Canadian Diamond mine, Gahcho Kué, will provide a $5.2 billion (CAD 6.7 billion) boost to the nation’s economy, the mining company claimed.
According to a report published by the accountancy firm EY for De Beers, the development of the mine over the last decade has already added $340.6 million (CAD 440 million) to the economy of the Northwest Territories, where the mine is located. Almost 90 per cent of Gahcho Kué’s economic impact will come once the mine becomes fully operational.
“In the 50 years we have been in Canada, we have seen how our business can be a catalyst for delivering both economic and social value, locally, regionally and across the country,” said Kim Truter, chief executive officer of De Beers Canada.
Canada’s gross domestic product (GDP) stood at $1,550.5 billion in 2015, according to Trading Economics.