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Diamonds lift Northwest Territories mining revenue

by Greg Klein | March 20, 2015

Copper and tungsten value slipped but diamonds were enough to raise Northwest Territories’ mining revenues by 14% last year. Citing new federal government stats, the NWT and Nunavut Chamber of Mines put the territory’s 2014 mining production at $1.886 billion, a $227-million increase over the previous year. The rise came from $1.561 billion in diamond revenue, a 15% jump over 2013.

That offset tungsten’s 2% decline to $84.71 million and copper’s 17% fall to $1.86 million.

Diamonds lift Northwest Territories mining revenue

The territory’s four operating mines include North American Tungsten’s (TSXV:NTC) CanTung operation and three diamond mines—Dominion Diamond’s (TSX:DDC) majority-held Ekati mine, the Dominion/Rio Tinto NYE:RIO Diavik joint venture and De Beers’ Snap Lake.

Even if De Beers’ Victor mine in Ontario were excluded, NWT diamond production would keep Canada in third place for global diamond production by value.

The Chamber of Mines also noted a 2% increase in Nunavut’s mining revenues, which came to $642 million last year. Gold accounted for $639 million, a 2% increase over 2013, while silver contributed $2.6 million, an 8% rise. Agnico Eagle TSX:AEM operates the Meadowbank mine, 300 kilometres west of Hudson Bay.

The data, from Natural Resources Canada, provided no figures for Nunavut’s other mine, Baffinland Iron Mines’ Mary River, which began iron ore production last September.

Read more about NWT mining.

Read about diamond mining in Canada.

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