Monday, December 22nd1.0°C
24124
23931

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

23015


Recent Trending




Today's Market
S&P TSX14543.90+75.641
S&P CDNX675.88-0.66
DJIA17884.1479.34
Nasdaq4772.162+6.782
S&P 5002072.40+1.75
CDN Dollar0.8606-0.0011
Gold1194.70-1.2001
Oil56.50+2.39
Lumber338.00-0.70
Natural Gas3.211-0.253

 
Okanagan Companies
Pacific Safety0.125+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.24-0.01
Cantex0.03-0.005
Anavex Life Sciences0.1712-0.0014
Metalex Ventures0.05-0.005
Russel Metals25.81+0.23
Copper Mountain Mining1.57+0.02
Colorado Resources0.11-0.01
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.02-0.03
Mission Ready Services0.23+0.015

 
23744


23015

FEATURED Property
20260082-3300 Watt Road
3 bedrooms 3 baths
$2,395,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


First-time homebuyer mistakes

If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes.If you are looking for your first ...


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...

_



24586

24476


Member of BC Press Council


23860