BHP Billiton plans to exit diamond sector

Mining giant BHP Billiton Ltd. plans on a long exit from the diamond sector, as it has already done in the titanium industry. The company according to reports is looking at a good 20 year exit from the diamond sector, and focus on its larger assets.

Around two months ago, the company had announced selling part or all of its diamond assets. It owns 80 percent stake in the Ekati mines in Canada. But if no appropriate buyers are found for Ekati, then BHP Billiton is willing to operate it until its closure.

As per media reports, it plans to invest around $80 billion in the next five years to increase the output of iron ore, copper and coal.