De Beers Now has Another Major Diamond Mine In Canada

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DE BEERS NOW HAS ANOTHER MAJOR DIAMOND MINE IN CANADA

De Beers completed the acquisition of Peregrine Diamonds for $82.36 million

De Beers Group has completed the acquisition of Peregrine Diamonds at a purchase price of C$0.24 per share, for a total cash consideration of C$107 million (US$82.36 million). The acquisition includes the high quality Chidliak diamond resource in Canada’s Nunavut Territory and other properties in Nunavut and the Northwest Territories.

The transaction was approved by Peregrine’s securityholders on August 31, 2018 and by the Supreme Court of British Columbia in its final order dated September 10.

Bruce Cleaver, CEO of De Beers Group, said: “We are very pleased to complete the addition of the Chidliak resource to De Beers Group’s world-leading diamond resource portfolio, and to extend our presence in Canada”. Kim Truter, CEO of De Beers Canada, added: “[…] Having built and operated three diamond mines in Arctic-like conditions in the past 15 years, our expertise in bringing projects of this nature to fruition is unparalleled.

News Source: israelidiamond.co.il

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.

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