De Beers Faces Opposition To Canadian Diamond Mine
News: Luxembourg-based diamond miner De Beers is facing opposition to its Gacho Kue diamond mine in Canada ' s Northwest Territories from three local aboriginal groups, Mining.com reports. The Canadian government approved the project in July 2013 but the Lutsel K'e Dene, the Yellowknives Dene, and the Tlicho groups claim that the project will damage the environment and are pleading with the government to reverse their decision.
BMI View: Canada's mining sector will see solid, if slow, growth thanks to diversified mineral deposits and a steady pipeline of investment. The country is a top 10 global producer of zinc, lead, iron ore, nickel, copper, gold, silver, uranium and potash. With many companies both headquartered and producing in Canada, the mining sector is crucial to the Canadian economy. Thus, we expect Canada's political leadership to maintain favourable tax and regulatory policies for the sector. However, weak US growth, eurozone troubles, and slowing, less commodity-intensive growth in China, will weigh the industry.