BHP Sells Stake In Diamond Exploration Project For $8.7M

Law360, New York (December 20, 2011, 6:46 PM EST) -- BHP Billiton Ltd. agreed to sell its 51 percent stake in a diamond exploration project on Canada's Baffin Island to Peregrine Diamonds Ltd. for CA$9 million ($8.7 million) as the mining giant seeks to focus on larger assets, the company said Tuesday.

The deal will give Vancouver-based Peregrine 100 percent ownership of the diamond exploration project known as Chidliak, the companies said in statements. Peregrine will pay BHP CA$9 million over three years as well as a 2 percent royalty on future production from Chidliak, the mining company said....
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