The transaction is scheduled to be closed by the end of March 2013 subsequent to which Harry Winston will own BHP’s controlling interest in the Ekati Diamond Mine and associated diamond sorting and sales facilities in the Northwest Territories and Belgium.
Sales from the Ekati Diamond Mine in Canada amounted to about 6% of the rough diamond supply by value around the world in the past five years.
The mine produces lower grade, but high carat value ore and is located in proximity to the Diavik diamond mine of which Harry Winston owns a 40% stake.
Commenting on the acquisition Harry Winston chairman and CEO Robert Gannicott remarked that the transaction will bring the opportunity to combine its Canadian diamond sorting and marketing skills with an experienced mine operating and development team.
BHP Billiton Non-Ferrous chief executive Andrew Mackenzie added, "The divestment of EKATI is consistent with our focus on large, long-life, low-cost, expandable, upstream assets and, together with the recent sale of our interests in Richards Bay Minerals and Yeelirrie, reflects our ongoing pursuit of a simpler business."
