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November 07 Businessexcellence 165 Canada and GNWT, which includes a provision that, from 2008, De Beers will make available for sale ten percent of the diamonds (by value) from the Snap Lake Mine, in economically cuttable categories, to GNWT approved manufacturers who have successfully fulfilled the selection criteria of De Beers’ sales and marketing arm, Diamond Trading Company (DTC). Diamonds produced from Snap Lake will be sorted in Yellowknife for royalty valuation purposes in accordance with the requirements of the Canada Mining Regulations. They will be prepared in London, England, however, for sale to DTC clients. To verify the identity of the Snap Lake production, the GNWT will have the right to monitor both the valuation process in Yellowknife and the London process for selling ten percent of Snap Lake Diamonds. De Beers has also committed to provide training for NWT residents in diamond sorting. Brendan Bell, Minister of Industry, Tourism and Investment in the GNWT, led a GNWT delegation to the DTC in London on the invitation of De Beers Canada’s NWT vice president, Chantal Lavoie. “The purpose of inviting the GNWT to the DTC was to show how the Snap Lake diamonds will flow through the DTC, where they will be prepared and made available for sale to GNWT approved manufacturers for purchase,” said Lavoie. “Ensuring the GNWT has an understanding of, and supports, De Beers’ sorting and selling processes and its global distribution and marketing initiatives was an important part of this visit.” “De Beers has demonstrated how Snap Lake diamonds will be prepared and made available for sale,” said Minister Bell. “I am confident that GNWT approved manufacturers, who qualify as DTC clients, will have equitable access to Snap Lake rough diamonds and that we will be able to certify these diamonds as mined, cut and polished in the NWT.” Once in full production, Snap Lake will employ 500 workers, 250 of whom will be on-site at any one time. With an indicated resource of 1.4 million tonnes, and inferred resources of 25 million tonnes, the life of the mine is estimated at 20 years. De Beers’ Victor Project is located in the James Bay Lowlands of Northern Ontario, approximately 90 km (55 miles) west of the coastal community of Attawapiskat. In June 2005, the Attawapiskat First Nation voted in favour (85.5 percent) of ratifying the Impact Benefit Agreement (IBA). In August 2005, De Beers received approval by the Federal Minister of the Environment for the Victor De Beers Canada Finning (Canada) is a full line Caterpillar dealer servicing the mining industry in western and northern Canada. Finning offers products and services ranging from power generation supply including engineering, procurement and construction, to heavy equipment, mine haul trucks and Caterpillar underground equipment. Finning also provides service support in terms of powerhouse operations and full equipment management to a full array of mining clients throughout our territory. It is through these offerings that Finning is proud to be involved in the tremendous growth of the mining industry and clients such as DeBeers Canada. Finning (Canada) The unique aircraft and dedicated customer service of Arctic Sunwest Charters are specialized to handle major passenger and cargo movements. Arctic Sunwest is proudly home to the only two commercially operated 18,000lb payload DHC-5 Buffalo aircraft in Canada. The short take-off and landing performance of these aircraft were an asset to the construction of the Snap Lake Project. Arctic Sunwest “We are in transition from an exploration company to a fully integrated operating company. We want to develop a portfolio of new prospects right across Canada”

Project Comprehensive Study Environmental Assessment (EA). Construction of the mine began in February 2006, after the necessary permits were granted. The Victor Project will employ approximately 600 people during construction and 375 permanent positions will be created during mining and processing operations. Construction of the site infrastructure and processing facilities is underway and production is scheduled to begin in the first half of 2008. It will be the first diamond mine in Ontario and the second in Canada for De Beers. Victor is one of 18 kimberlite pipes discovered on the property, 16 of which are diamondiferous. The Victor kimberlite consists of two pipes that coalesce at the surface, Victor Main and Victor Southwest. The mine will be open-pit with an expected life of 12 years. The processing plant will treat 2.5 million tonnes of kimberlite per year (about 700 tonnes per day). As with Snap Lake, Victor will also rely on winter road access for the transportation of equipment and supplies. Personnel will be transported to the site by air with pick-up stops at the coastal communities and Timmins. All the challenges mentioned above are part of the overall challenge for De Beers Canada in its own evolution. “We are in transition from an exploration company to a fully integrated operating company,” says Gowans. “We want to develop a portfolio of new prospects right across Canada.” So there will be more De Beers diamond mines in Canada? “That’s my goal.” Businessexcellence November 07 166