De Beers Buys Peregrine Diamonds for $81M

By Rapaport News / July 19, 2018 / www.diamonds.net / Article Link

RAPAPORT... De Beers' Canada business has agreed to acquire explorationcompany Peregrine Diamonds, which owns the promising Chidliak resource, thecompanies said Thursday. De Beers will buy 100% of Peregrine for about $80.6 million(CAD 107 million) in cash, and expects to complete the deal by September. The current focuses of Peregrine's development program areChidliak's CH-6 and CH-7 projects, two of 74 kimberlite pipes that explorershave identified since discovering the resource in Canada's Nunavut Territory in 2008. The high-quality CH-6 has an estimated grade of 2.41 carats per tonne,and a diamond valuation of $151 per carat, the companies said. In total, Chidliak contains more than 22 million carats ininferred mineral resources, including those that are not economically mineable.Peregrine also owns exploration siteselsewhere in Nunavut and the Northwest Territories. "With a strong outlook for consumer demand, we are seekingnew opportunities to invest in our future supply potential, and look forward togrowing our portfolio in Canada and working with community partners in theNunavut Territory as we further develop the project," said De Beers CEO BruceCleaver.

Recent News

Junior gold stocks outperform in sector pullback

October 28, 2024 / canadianminingreport.com

Global mining M&A on track for similar levels to 2023

October 28, 2024 / www.canadianminingreport.com

Gold ETF inflows at four-year highs

October 21, 2024 / www.canadianminingreport.com

Silver spikes and iron ore struggles

October 21, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok