Low diamond prices raises risk of early closure of N.W.T. mines, experts say – CBC
Apr 04, 2025
All three N.W.T. diamond mines reported millions of dollars of losses in 2024
All of the N.W.T.’s diamond mines are reporting millions of dollars in losses from last year as they deal with inflation and slumping diamond prices.
With just a short time left in the lifespan of the three mines and more potential economic turbulence ahead, experts believe there is risk the mines could close — and leave the territory with no economic replacement plan — earlier than expected.
Rio Tinto reported its Diavik diamond mine experienced a $127 million loss in 2024, Burgundy reported that Ekati saw a $94.7 million loss, and Gahcho Kué’s minority stake owner Mountain Province reported a $81 million loss.
