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Harry Winston Prices Diavik Diamond Mine at $2.6 B

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Diavik Mine
In its life-of-mine plan released this week, Canadian diamond company Harry Winston estimated the value of the Diavik mine in the Northwest Territories to be worth approximately $2.6 billion. The Diavik is co-owned by Harry Winston, who hold 40% of the project shares, and mining giant Rio Tinto, who hold the remaining 60% of the project shares.

A Harry Winston press release stated that the company planned to proceed with development plans for the A-21 diamond pipe. At a cost of about half a billion dollars, the A-21 pipe would be expected to produce diamonds in five years' time.

The resulting increased productivity would extend the life of the mine for another six years past that date, taking the mine to the 20-year mark. The capital expenditure necessary to maintain the mine's life was calculated to be about $955 million. Meanwhile, the company's interest in the mine is only about $800 million, if based on proven and probable reserves, or perhaps $1 billion, if all resources are tabulated.

The Diavik mine has been in production since 2003.

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