Shear Diamonds has signed a cooperation agreement with the Inuit-owned Nunavut Resources Corporation to examine infrastructure and developments opportunities presented by reopening the Jericho Diamond Mine, the companies reported last week.

This represents the first deal of its kind undertaken by the NRC, which is designed to enhance business, employment and training opportunities for indigenous people of Canada's Nunavut region.

The agreement is expected to "secure an Inuit voice at the senior corporate level."

Shear President Pamela Strand said the diamond company was "delighted to formalize its growing cooperation with the NRC [and to] demonstrate its commitment to being an active corporate citizen within the Nunavut community."

The Jericho Diamond Mine, which Shear acquired in July 2010 from the defunct Tahera Diamond Corporation, is the only diamond mine in Nunavut. Earlier this month, Shear Diamonds announced that the mine's diamond grade could "increase substantially."

The mine is estimated to contain 375,000 carats of diamonds valued at C$24.5 billion.