The city of Yellowknife, North West Territories is situated on the northern coast of Great Slave Lake and serves as the capital city. The city of Yellowknife is situated south of the Arctic Circle by 400 km. Referred to as the 'Copper Indians', the Dene Tribe of the region named the city and the waters surrounding the city. The population in Yellowknife is culturally diverse. There are 11 official languages within the Northwest Territories, but just roughly five are spoken in Yellowknife. These five consist of Dogrib, Dene suline, French, English as well as South and North Slavery.
The area was first settled in the year 1935, when prospectors were drawn to the area when gold was discovered. The city of Yellowknife had grown into the key centre in the region and was established as the capital of the Northwest Territories. The city was bustling with economic activity that was largely centered around gold production until 1980, when the city of Yellowknife shifted towards being a centre of government services. Due to the decreased price of gold and the increased operating expenses the last gold mine in the city was closed during 2004.
Yellowknife is the central hub for several of the major businesses in the territory, like for example mining, education, health, tourism, government and commerce activity. Nevertheless, the economy in Yellowknife is still recovering after the closure of numerous gold mines during the 1990's and the downsizing of the government labor force during the year 1999. The diamond boom, which began in 1991 when a diamond mine was discovered just north of the city, has played a significant role in the recovery of the city. BHP Billiton operates and owns the Ekati Diamond Mine which opened during 1998 and during 2003 a secondary mine, Diavik Diamond Mine, was opened. In 2004 Yellowknife was ranked 3rd within Canada with a production value of approximately C$2.1 billion and 6th in Canada by weight, coming out with 2,524 kg. In the year 2007 a third mine, De Beers' Snap Lake Diamond Mine, went into production. Construction of a forth mine, also owned by De Beers, was started in 2010 and is expected to begin production in 2012.
The top businesses in the city are the Diavik Diamond Mines Incorporated, Territorial and Federal Governments, First Air, Harry Winston Diamond Corporation, RTL Robinson Trucking, the City of Yellowknife, Northwest Tel and BHP Billiton. Approximately 7,633 jobs are in the Government sector.