Since entering production in 2003, the mine has outputted roughly 90 million carats of rough diamonds, making it one of the largest in Canada.
The offer of early termination to Diavik employees, says Rio Tinto, is a response to the challenges currently facing the diamond industry as the mine approaches the end of its life cycle.
“I can confirm that Diavik is looking at voluntary separation as part of our efforts to manage costs and rightsize our business given the relatively short runway to Diavik’s planned closure,” Matthew Breen, chief operating officer at Diavik, told Rapaport.
While the diamond mine is slated to close in the first quarter of 2026, Rio previously indicated that some workers will remain at the mine site until 2029 to support the closure and reclamation process.
Elsewhere in NWT, De Beers’ Gahcho Kué mine, about 280 km away from Yellowknife, is expected to follow Diavik and close around 2030.
