Copper

Canada’s Department of Indian Affairs and Northern Development (DIAND) has refused to issue Aber Resources (ABZ-T) and Rio Tinto) a land-use permit that would allow certain activities at the Diavik diamond project in Canada’s Northwest Territories.

The partners are considering the ramifications of the decision, which appears to give short shrift to the massive economic benefits the project could potentially provide to native peoples and the nation. The Diavik project has an estimated reserve of 25.6 million tonnes containing 101.5 million carats of diamonds, representing an in situ value of $8.5 billion over the life of the proposed mine.