RapNet


Rapaport News

 

Mining

 
Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

De Beers Buys Peregrine Diamonds for $81M

Canada-based explorer owns promising Chidliak resource.
Jul 19, 2018 10:14 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... De Beers’ Canada business has agreed to acquire exploration company Peregrine Diamonds, which owns the promising Chidliak resource, the companies 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 are Chidliak’s CH-6 and CH-7 projects, two of 74 kimberlite pipes that explorers have 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 in inferred mineral resources, including those that are not economically mineable. Peregrine also owns exploration sites elsewhere in Nunavut and the Northwest Territories.

“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,” said De Beers CEO Bruce Cleaver.
Tags: Bruce Cleaver, CH-6, CH-7, chidliak, De Beers, De Beers Canada, exploration, northwest territories, Nunavut, Nunavut Territory, peregrine, Peregrine Diamonds, Rapaport News
Similar Articles
Lucapa Lulo 150Lucapa Eyes Increased Share in Lulo
Nov 28, 2019
Lucapa Diamond Corporation is in advanced discussions withthe Angolan government to secure...
Emerald Demand Buoyant at Gemfields Rough Sale
Letšeng Yields Two Diamonds Above 100ct.
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us