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De Beers Canada announced plans to take over the business behind the Chidliak diamond mine project in Nunavut.
In a statement released Thursday morning, the company announced that it had reached an agreement of approximately $ 107 million for the acquisition of all outstanding securities. Peregrine owns and operates the diamond exploration project at Chidliak, located 120 kilometers northeast of Iqaluit, on Baffin Island.
De Beers Canada had previously refused to invest in the project in 2013 after the signing of Peregrine Diamonds Ltd. an option agreement with Peregrine the previous year. If he had accepted the joint venture, he would have invested nearly $ 60 million in Chidliak over five years, working and having a majority stake in the project.
A total of 74 kimberlite chimneys were discovered on the site, including two CH-6 and CH-7, which are the focus of the first phase of Peregrine's development program. The tubes are expected to produce more than 22 million carats.
The recent economic evaluation of Peregrine estimates that the CH-6 tube alone will produce 24.1 carats per ton at a value of US $ 360 per tonne, making it one of the best most attractive. According to the press release, the unexploited diamond resources in Canada.
Peregrine Diamonds' Chidliak project is located about 120 kilometers north of Iqaluit. (CBC)
"The Chidliak resource has significant development potential and will be an attractive addition to our portfolio," said Bruce Cleaver, CEO of De Beers Group, in a statement
. is expected to take place in September after titleholders Peregrine and the Supreme Court of British Columbia will have approved the plan, as well as other closing conditions
The purchase will make the fourth diamond mining site from Chidliak De Beers in Canada
the transformation of our company in Canada over the past two years, our focused investment in innovative new mining methods and our expertise in Canada's Arctic environments, we believe we are very well positioned to further develop the resource. Kim Truter said:
The Snap Lake Mine was the company's first diamond mine outside of Africa and is 220 kilometers northeast of Yellowknife. It is the first fully underground diamond mine in Canada and was placed in maintenance and servicing in December 2015.
De Beers Canada is also co-owner of the Gahcho Kué diamond mine located on the tundra at about 280 kilometers northeast of Yellowknife. year.
He also owns Victor Mine in the James Bay Lowlands, in northern Ontario, about 90 kilometers west of the Attawapiskat First Nation. It is an open pit mine and the province's first diamond mine. De Beers Canada announced the closure of the plant in 2019.
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