Headlines

De Beers to Make $81M Acquisition

Published

6 years ago

July 19, 2018

INSTORE Staff

It’s taking control of a Canadian diamond resource.

VANCOUVER — De Beers Canada Inc. plans to buy Peregrine Diamonds Ltd., owner of the Chidliak diamond resource in Canada’s Nunavut Territory, in an $81 million deal.

“The Chidliak resource holds significant development potential and will be an exciting addition to our portfolio,” De Beers Group CEO Bruce Cleaver said in a statement. “With a strong outlook for consumer demand, we are seeking new opportunities to invest in our future supply potential and look forward to growing our portfolio in Canada and working with community partners in the Nunavut Territory as we further develop the project.”

Bloomberg noted that De Beers “rarely buys assets, partly because it owns some of the best gem mines in the world.”

Eric Friedland, founder and executive chairman of Peregrine Diamonds, said: “The transaction we are jointly announcing today is the next step in the development of the Chidliak diamond project. The team at Peregrine has done an outstanding job advancing Chidliak to this stage and it is particularly gratifying that the quality of the diamond resource we have defined is recognized by the world’s premier integrated diamond company.”

The deal is expected to close in September.

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