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De Beers seeks buyers for idled Snap Lake mine in Canada's Northwest Territories

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De Beers seeks buyers for idled Snap Lake mine in Canada's Northwest Territories

De BeersSA unit De BeersCanada Inc. is selling its shuttered Snap Lake diamond mine in Canada's NorthwestTerritories and has tapped Bank of Montreal to help in the transaction, Reutersreported July 22, citing company spokesperson Tom Ormsby.

The mine was placed on care and maintenance in December 2015 due to weak marketprices.

Recently, the Northwest Territories' land and water boardapproved an extendedrevised suspension plan to allow the flooding of Snap Lake in a bid to cutmaintenance costs.

The flooding plan could proceed in the fourth quarter if noqualified buyer is found, Ormsby noted.

Meanwhile, sources said that the level of interest is notclear, given the mine's remote location and technical challenges.

Prospective buyers could include and , thesources noted.

De Beers Canada also operates the diamond mine in Ontario,which is expected to be shut down in 2018 unless an expansion pushes through.