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Anglo American kicks off major new diamond mine in Canada

Reuters - UK Focus

LONDON, Aug 3 (Reuters) - Anglo American (LSE: AAL.L - news) said on Wednesday the De Beers' Gahcho Kue mine, which it describes as the world's largest new diamond mine, in the Northwest Territories of Canada was expected to reach full commercial production early next year.

Output at the roughly $1 billion project will be an average of 4.5 million carats per year over its anticipated 13-year life.

"Starting the ramp up to production at Gahcho Kue - on time, on budget and in a challenging environment - is a remarkable achievement," De Beers CEO Bruce Cleaver in a statement.

De Beers has a 51 percent stake in the Gahcho Kue joint venture with the rest held by Mountain Province Diamonds (Toronto: MPV.TO - news) . (Reporting by Barbara Lewis in London and Esha Vaish in Bengaluru; Editing by Alexander Smith)