OTHER NEWS - July 19, 1994
From Times Staff and Wire Reports
De Beers Raises Stakes in Canada Diamond Rush: The company jumped into the fevered race to build the first diamond mine in Canada’s Arctic region, announcing that it will spend up to $360 million to develop a promising discovery. The secretive South African concern, which controls the world diamond market, said it reached an agreement in principle to explore and evaluate land held by two tiny firms: Tanqueray Resources Ltd. and Mill City Gold Mining Corp. If the property lives up to hopes, De Beers Consolidated Mines Ltd. would build a mine probably in early 1998 and earn a 51% stake in the project. Two main ventures--a cooperative led by Britain’s RTZ and the other by Dia Met Minerals Ltd.--have been racing to develop a mine by 1997.
