Since coming into manufacturing in 2003, the mine has outputted roughly 90 million carats of tough diamonds, making it one of many largest in Canada.
The provide of early termination to Diavik staff, says Rio Tinto, is a response to the challenges presently dealing with the diamond business because the mine approaches the tip of its life cycle.
“I can affirm that Diavik is voluntary separation as a part of our efforts to handle prices and rightsize our enterprise given the comparatively quick runway to Diavik’s deliberate closure,” Matthew Breen, chief working officer at Diavik, instructed Rapaport.
Whereas the diamond mine is slated to shut within the first quarter of 2026, Rio beforehand indicated that some employees will stay on the mine web site till 2029 to help the closure and reclamation course of.
Elsewhere in NWT, De Beers’ Gahcho Kué mine, about 280 km away from Yellowknife, is anticipated to comply with Diavik and shut round 2030.
A report earlier this 12 months shared by analysis agency Influence Economics estimates that these NWT diamond mine closures might lead to 1,500 jobs being misplaced and about 1,100 residents leaving the territory.