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De Beers Canada to move HQ from Toronto to Calgary in Efficiency Drive

Oct 19, 2015 11:12 AM   By Rapaport News
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RAPAPORT... De Beers Canada is to close its Toronto headquarters and move it to Calgary by the end of next June in an efficiency-driven restructuring resulting partly by the weakness of the industry, Reuters reported October 16.

De Beers Canada spokesperson Tom Ormsby said one of the things that “accelerated” the plan was the “current state of the diamond market,” according to the report. The move is a bid to support its Canadian diamond mines more efficiently.

De Beers has about 100 employees in Toronto and more than 1,000 in Canada. It operates the Victor mine in Timmins, Ontario, and the Snap Lake mine in the Northwest Territories, and is building a third mine at Gahcho Kue, also in the Northwest Territories.

The move will also see some mine employees relocate to Calgary and is expected to cut staff, Reuters reported, adding that De Beers had not set a target or estimated savings.
Tags: Canada, De Beers, Gahcho Kue, Rapaport News
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