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By Gary Park
Mining News Calgary Correspondent 

Rescuing the diamond cutters in NW Territorries

Two of four firms placed in interim receivership; territorial government offers cash backing to one of companies


Last updated 7/11/2004 at Noon

Canada's diamond industry has had its wings clipped, just as it was taking flight.

The Yellowknife operations of Sirius Diamonds and Arslanian Cutting Works NWT, holding a combined C$17.2 million in government loan guarantees, were forced into interim receivership in mid-June, triggering an emergency response from the Northwest Territories government.

The plants employed about 90 people.


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