Korite Expands Ammolite Mine Near Lethbridge

Photo Credit: Korite

The company that mines a rare gemstone about 20 minutes south of Lethbridge is in the midst of an ambitious mine expansion.

Growing demand for a rare gemstone found in southern Alberta is prompting the expansion of Korite's ammolite mine near Lethbridge.  The site located about 20 minutes south of the city is the world's only deposit of ammolite that's viable to be commercially mined.  Korite President Jay Maull credits the mine's growth to new found demand coming from China.  Over the past six months the mine has grown by 50% and it'll grow even more in the coming months with no plans of slowing down.  But Maull says despite the new found demand, the company will remain very protective of its pricing and will continue to make an effort to never over supply the market.  Top grades of ammolite are comparable with black opal.  Korite sells all its gemstone products as finished jewellery, ranging anywhere from $100 to $100,000.  Amid its expansion, Korite has also been chosen as the official jewellery supplier for Canada's 150th birthday. - Tom Roulston

Jay Maull, President, Korite




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