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BHP Billiton, Peregrine Settle Litigation & End Chidliak Royalty Deal

Jan 25, 2016 1:52 AM   By Rapaport News
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RAPAPORT... BHP Billiton Canada (BHPB) settled litigation with Peregrine Diamonds and ended a royalty agreement with the diamond miner related to the Chidliak project in Canada.

Under the royalty arrangement, Peregrine had granted BHPB 2 percent of future mineral production, including diamonds, from the Chidliak asset. A dispute between the companies arose in May 2015 in regard to BHPB’s transfer of the royalty to South32, a company formed when BHPB demerged.

“In consideration of Peregrine terminating its legal action against BHPB and a cash payment of $125,000, BHPB has agreed to terminate the royalty agreement and thereby cancel the Chidliak royalty,” Peregrine said in a statement January 22.
Tags: BHP Billiton, BHP Billiton Canada, chidliak, financial, legal, litigation, Peregrine Diamonds, Rapaport News
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