New York-based company Almod Diamonds expand production of its patented cut diamonds under the name Crown of Light, opening a new cutting and polishing center in the Northwest Territories of Canada in the next year.
Almod, a subsidiary of the retailer Diamonds International, said that the plant area of 12,000 square feet in Yellowknife will be created. The building, which was previously used Tiffany & Co., will be the fourth production base Almod, in addition to businesses in New York, Namibia and Ukraine.
The planned expansion is due to the success of the 90-facet cut company said in Almod. "The opening of another plant to cut Crown of Light shows the strength of the demand for the diamond brand," - said in a statement.
Almod, sightholder De Beers, will have access to the raw stone mined in the region, through the new status of an approved producer of diamonds in the Northwest Territories.
"The diamond cut is the one that creates new jobs and economic opportunities in the diamond-producing countries around the world - explained Uelli Shuman (Wally Schumann), Minister of Industry, Tourism and Investment of the Northwest Territories -. Agreement with our miners already ensure that rough diamonds will be available for local producers of diamonds in the Northwest territories. "
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The company Sumitomo Metal Mining Co, which owns the only one in Japan, gold mine, looking for opportunities to expand operations in various regions of the world, as the acquisition of new assets was for her more affordable, according to the Business Times.
Tokyo-based company in February signaled their interest in expanding operations abroad by acquiring an additional stake in the copper mining company Morenci company Freeport-McMoRan Inc in Arizona for $ 1 billion.
The Japanese company is also considering the purchase of a significant stake in Gold Road Resources Ltd for the development of its projects in Western Australia.
Sumitomo, in addition, evaluating options acquisitions projects located in your home, and the Pacific. It plans to invest hundreds of millions of dollars to smaller projects instead of having to re-invest $ 1 billion in a major project like Morenci.
The Japanese company can even begin to compete for new assets to the Chinese gold mining companies, is planning a major expansion of its operations over the past four years, reported in the last month of their leaders.
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