Client: De Beers
Decommissioned by: Lenmark
Est. recaptured value: 20-25 million
Selling procedure: purchased + consigned
Timeline: 2 years
Snap Lake Mine began as De Beers’ first diamond mine outside of Africa. Located 220 kilometers northeast of Yellowknife, it started a global expansion for the De Beers Group. The project generated billions of dollars for the local economy, contributing to Aboriginal businesses. In 2014, the mine produced 1.2M carats of diamonds.
Client Goals:
- Needing a creative solution to remove assets that were otherwise going to landfill.
- Auction attempts had little success, yielding low value. Needing to recapture capital.
- Lenmark offered a new vertically integrated approach, and offered a team to extract and sell the equipment for them
The Process:
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There was a tight 6 week window for to complete Phase 1 of the extraction
- Our team of engineers and skilled personnel worked a safe removal and transportation of equipment over ice roads and long distances.
- We managed to move 70 truckloads, carrying over 2 million lbs. of equipment from the De Beers Processing and Power buildings.
Client Benefits:
- Lenmark mitigated their risk by gaining a return on their assets after operations had been seized.
- The extraction was possible by taking De Beers values and Lenmark’s environmental and socially responsible re-purposing mission and applying it directly to the client.
Next Steps:
- We listed the items on our purchasing sites and contacted potential buyers.
- Resell these products back into the mining and oil & gas industry, helping the economy
- The listing, selling, and storing is done through our proprietary software and online marketplace.
Phase 1 highlights:
- 6 week project deadline
- 70 truck loads of equipment
- 15 skilled personnel
- 2,000,000 pounds of equipment