BHP Billiton maintains Chidliak interest
by eyetee | December 20, 2010 12:00 am
[1]Mining giant BHP Billiton is opting to maintain its 51 per cent participating interest in the Chidliak project, a joint venture with Peregrine Diamonds Ltd.
The news comes three months ahead of the start of its 2011 program, which will look at the economic potential of several kimberlites, as well as explore for more diamondiferous kimberlites. To date, 50 kimberlites have been discovered, with 24 reporting results.
Chidliak is located about 120 kilometres from Nunavut’s capital of Iqaluit.
“Peregrine is ideally suited to build a vertically integrated diamond company because, in addition to our substantial 49 percent ownership stake in this important and valuable asset, we have marketing rights for our share of any future diamond production,” said Eric Friedland, the company’s chief executive officer (CEO).
“Diamond mines can be incredibly profitable, and we are pleased to have BHP Billiton as our partner, recognizing that their experience in building and operating the successful Ekati diamond mine… will benefit Chidliak immensely as we move the project forward together.”
- [Image]: http://www.jewellerybusiness.com/wp-content/uploads/2011/04/SB_CH-1-Kimberlite.jpg
Source URL: https://www.jewellerybusiness.com/news/bhp-billiton-maintains-chidliak-interest/