Nov 13, 2012 / 1:39 pm
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.
Read more Business News
|QHR Technologies Inc||0.61||0.00|
|Anavex Life Sciences||0.735||-0.035|
|Copper Mountain Mining||1.79||-0.02|
With so many choices and variables, how do you find the perfect fit? Before you start your search, it’s a good idea to narrow down the playing field by looking at what would fit you best. Here&r...
My closest partner is my wife and this week I just wanted to share some of our work from her perspective, as she is more of a "thinker" than me, and I wanted to share our activities and goa...
Photo: ContributedAn artist's rendering of the finished SOPA square.This is good news for Kelowna and the valley. Penticton’s Greyback Construction has signed a management contract with the...
- Asian markets down over concerns
- Global energy companies 'dead serious' about B.C. natural gas, says minister
- Teletoon Canada plans to air 'Inspector Gadget' reboot
- TSX drops in early market trading
- Canadian dollar takes a hit
- Apple unveils music streaming service
- What's up Apple?
- Canadian dollar rises on job report
- Tom Cruise backs Wal-Mart
- Royal Bank to edge up mortgage rates
- Loonie surges, stocks to open higher
- Canada adds 95,000 jobs in May