Ekati Diamond Mine Extension to 2040 and its effects on the Yellowknife economy
Ekati announces mine life extension to 2040
With recent news of Ekati Diamond Mine owners planning to extend the mine life with potential to go as long as 2040 this may have sizeable implications on the Yellowknife economy. As Ekati is a larger employer of the North with much of its employees, materials and inputs flowing through Yellowknife this is fantastic news for Yellowknifers as a whole. As it effects not only direct employers but support employers alike such as: air carriers, trucking and logistics, trades companies, suppliers etc etc etc the North will be sure to benefit from this mine life extension.
As Yellowknife seeks its next economic driver and a transition away from diamond mine reliance we have seen exploration happening for gold, lithium, silica, precious minerals among other products, this mine life extension serves as a bit of a blanket to that transition making the transition away from diamond mine reliance smoother and easier on Yellowknife workers and business'. Without a shock-loss to the economy in the form of losing one of the Norths largest employers over the years to come we can now move towards new industries with less pressure on the economy and northern workers which would surely seek a quick entrance to new industries if Ekati were to close before new resource operations were commenced.
As I am no economist I will make no statistical claims over the effect of the mine extension or closure but I will say I am glad to know my friends and family who work directly or indirectly for Ekati will have years to transition away from the mine and into new jobs/industry.
As always if you would like to chat more about Yellowknife or the Yellowknife real estate market call or text 867-446-2458