BHP Billiton completes sale diamonds business

BHP Billiton completes sale of diamonds business

5:24 AM, 12th April 2013
BHP Billiton completes sale of diamonds business

MELBOURNE, AUSTRALIA: BHP Billiton has completed the sale of its diamonds business, comprising its interests in the EKATI Diamond Mine and Diamonds Marketing operations, to Dominion Diamond Corporation (formerly Harry Winston Diamond Corporation). The purchase price was $500 million plus purchase price adjustments of $53 million for a total amount paid of $553 million. The sale of the diamonds business to Dominion Diamond was announced on 13 November 2012, subject to receipt of regulatory approval and other customary closing conditions, all of which have been satisfied.

Dominion Diamond will assume all of BHP Billiton’s obligations under EKATI’s Environmental Agreement with the Governments of Canada and the Northwest Territories, Socio-Economic Agreement with the Government of the Northwest Territories, Impact and Benefit Agreements with Aboriginal Groups and pension liabilities linked to the mine’s defined benefit scheme. BHP Billiton employees working at EKATI, in Yellowknife and in Diamonds Marketing in Antwerp have become employees of Dominion Diamond as part of the transaction.

© WOC News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Versalis, Genomatica collaborate for bio-based butadiene

MILAN, ITALY/SAN DIEGO, US: Versalis and Genomatica signed a definitive joint development and licensing agreement establishing a technology joint ve ...

Read more
Monsanto to license Dow’s Enlist Weed Control System

INDIANAPOLIS/ST LOUIS, US: Monsanto Company and Dow AgroSciences LLC, a subsidiary of The Dow Chemical Company, have reached new cross-licensing agree ...

Read more
Teijin acquires 10 per cent stake in Kyorin Holdings

TOKYO, JAPAN: Teijin Limited acquired 7.59 million shares, or 10 per cent of the outstanding shares of Kyorin Holdings Inc from Kyorin’s major ...

Read more
PolyOne, Juffali JV opens new production facility in Saudi Arabia

CLEVELAND, US: Juffali PolyOne Masterbatch Co Ltd, a joint venture between PolyOne Corporation and EA Juffali & Brothers Limited, has opened the ...

Read more
Sabic in research collaboration with MIT

  RIYADH, SAUDI ARABIA: The Saudi Basic Industries Corporation (SABIC) has signed an initial agreement with Massachusetts Institute of Technolog ...

Read more
Foster Wheeler bags alumina plant contract in Ireland

ZUG, SWITZERLAND: Foster Wheeler AG’s subsidiary of Global Power Group has been awarded a contract by Aughinish Alumina Refinery for the desig ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X