BHP Billiton to sell stake in Ekati mine to Harry Winston

BHP Billiton has decided to sell its controlling interest in the Ekati mine and its diamond marketing operations to Harry Winston. The deal is expected to be worth around $500m, reports say.

With this sale, BHP Billiton finally exits from the diamond industry. Last year, the mining company undertook reviewing its diamond business to analyse its feasibility. It expressed intent to sell its diamond assets and concentrate on other core businesses including iron ore and coal. As part of this decision, it had decided to sell its 51 percent stake in the Chidliak diamond exploration project in Canada, to Peregrine Diamonds. It also sold stakes in its other diamond assets.