A number of companies, among them Harry Winston Diamond Corp. and Apollo Global Management LLC, are engaged in negotiations for a possible acquisition of a controlling stake in BHP Billiton Ltd.’s Ekati diamond mine in Canada, according to www.israelidiamond.co.il citing Bloomberg.
The sale is expected to fetch between $500 million to $700 million, with an agreement likely to be reached in a month, sources close to the situation told Bloomberg.
KKR & Co. is another firm that is in the running for the diamond mine.
According to Bloomberg, Apollo has entered into a joint bid with ex-Stornoway Diamond Corp. chief Eira Thomas.
The Ekati project is located in Canada’s Northwest Territories. It is said to produce 11% of the world’s diamonds by value, and it is not far from the Diavik diamond mine, 40% of which is owned by Harry Winston.
Bloomberg reported that BHP Billiton intends to sell some, perhaps all, of its diamond operations due to its forecast for limited growth. It owns 80% of the Ekati mine, which is valued at $300 million to $500 million, according to analysts.
Exclusive
Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets
Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.
16 september 2024
Sarine’s David Block: Diamond Industry at Standstill Until Chinese Demand Returns
David Block is CEO of Israel’s Sarine Technologies and has served in the position since 2012. In this exclusive interview for Rough and Polished, Block gives his opinion on the leading issues affecting today’s diamond trade.
11 september 2024
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
