Operators of the Diavik diamond nine in Canada’s Northwest Territories expect massive layoffs by the end of the month, according to a report in CBC News.

There are currently over 1,000 employees working at Diavik, which sits 300 kilometers northeast of Yellownknife. It is very near BHP Billiton’s Ekati mine, the oldest diamond mine operating in Canada.

According to the CBC, underground mining began at Diavik in 2010. Planners originally intended to close the open pit. Harry Winston Diamond, the company that is looking to become the sole owner of Diavik, said that it expects it to remain in operation for another 11 years. Its current value is estimated at $2.6 billion, according to the CBC.



Harry Winston said that Diavik will have a total capital cost of $955 million until the end of its life. The company anticipates that it will begin another open pit in 2016.