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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Natedog who wrote (546)	1/29/2003 8:42:33 AM
From: Famularo	Respond to of 16206

BHP Diamond Production Up 15 Percent By Saul Singer Posted: 1/29/2003 (Rapaport…January 29, 2003) BHP diamond production continued its upward trend during the quarter ending December 31, 2002. BHP’s 80 percent owned Ekati Diamond MineTM produced 1.07 million carats for the quarter, 15 percent higher than the December 2001 quarter and 12 percent higher than the September 2002 quarter. BHP attributes the production increase to improved processing efficiency and the mining of higher ore grades. Production for the year ending December 31, 2002 reached 3.98 million carats, up 59 percent from 2.5 million carats in 2001. The Ekati mine produces around 4 percent of the world’s rough diamonds. Diamonds produced at Ekati are sold through a multi-channel marketing program. Over 55 percent are sold into the open market in Antwerp; up to 10 percent are sold to three manufacturing factories in Northwest Canada and 35 percent to the DTC. Ekati is located in the Northwest Territories of Canada, the same region where the jointly owned Diavik Diamond Project of Rio Tinto and Aber Diamond Mines is situated. The Diavik Diamond Project is to commence production this month. It is estimated that the Diavik project could produce up to seven million carats annually boosting Canada’s share of world rough production towards 10 percent in the near term. De Beers’ Snap Lake, the region’s third diamond mine, is set to commence production at the end of 2006, further contributing to Canada’s emergence as a force in world rough diamond production.