Tuesday, October 13th12.1°C

Big takeover in diamond business

BHP Billiton is selling its diamonds business, including its stake in the Ekati diamond mine in the Northwest Territories, to Harry Winston Diamond Mines Ltd. for US$500 million in cash.

Under the deal, BHP Billiton's employees working at Ekati, in Yellowknife and in diamonds marketing in Antwerp, Belgium, will join Harry Winston, a Toronto-based mining and retail company.

"The mine's success is a credit to the people who work there, at Yellowknife and with the marketing team in Antwerp," said Tim Cutt, BHP Billiton Diamonds & Specialty Products president.

"Harry Winston has long experience in the Canadian diamond industry and their commitment to study further development at Ekati could help extend the mine's contribution to Northern Canada for many years to come."

Harry Winston already owns a 40 per cent stake in the nearby Diavik mine, also in the Northwest Territories, in a joint venture with Rio Tinto.

"Completion of this acquisition will bring the opportunity to marry our Canadian diamond sorting and marketing skills with an experienced mine operating and development team, a world class operating asset, and future growth potential," said Robert Gannicott, Harry Winston's chairman and chief executive.

"Together with our existing mining business, these assets will serve as our platform for sustained, disciplined growth in the upstream diamond sector."

The Ekati mine, Canada's first diamond mine, is 310 kilometres northeast of Yellowknife and 200 kilometres south of the Arctic Circle.

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX13867.92-96.44
S&P CDNX555.21+2.95
S&P 5002009.79-7.67
CDN Dollar0.7691+0.0001
Natural Gas2.504-0.031

Okanagan Companies
Pacific Safety0.215-0.010
QHR Technologies Inc1.22-0.03
Metalex Ventures0.07+0.02
Russel Metals20.96-0.30
Copper Mountain Mining0.60-0.06
Colorado Resources0.07+0.00
ReliaBrand Inc0.022-0.002
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.075-0.005
Decisive Dividend Corp3.25+0.14
Diamcor Mining1.00+0.03



24012815-3300 Watt Road
3 bedrooms 3 baths
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...




Member of BC Press Council