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BHP to sell its stake in Chidliak project to Peregrine Diamonds
Is yet looking for a suitable buyer to sell its stake in Ekati mine
By: Diamond World News Service
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Dec 21 2011 1:14PM
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Reference: 6580  

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Following a review of its diamond assets, BHP Billiton plans to sells its stake in the Chidliak exploration project in northern Canada to partner Peregrine Diamonds who held 49 percent stake in the mine and was operating it since 2006, reports say. A few weeks ago, the mining giant had announced its intent to review its diamond assets to understand if being part of the diamond industry would support it strategy of investing in expandable assets. This decision followed its possibility of also selling its stake in the Ekati mine in Canada.

For the sale of its stake in Chidliak, BHP is expected to receive payment worth $8.7 million spread over three years and two percent royalty on future production from the operation.

As part of its review strategy, BHP is also intending to sell its 80 percent stake in Ekati mines but will hold back if it does not find a suitable buyer.

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