De Beers sets sights on growth in Canada with Peregrine Diamonds offer
De Beers set its sights firmly on Canada as an area of growth, following its Gahcho Kué joint venture in the country with a C$107m ($81m) outright cash purchase offer of Peregrine Diamonds, giving it a very attractive deposit. This will be another mine in the frozen northern reaches of Canada, an area in which De Beers has experience in building and operating mines. The offer, which is backed by the company’s directors and shareholders representing 44% of the shares, comes as De Beers readies its Victor mine in Canada for closure. De Beers closed and flooded its unprofitable Snap Lake mine in Canada, and Peregrine’s Chidliak deposit will go some way towards restoring De Beers’s presence in the country. De Beers is in a joint venture with Canada’s Mountain Province at the Gahcho Kué mine, which has recently reached full production. In a rare move by De Beers, the world’s largest source of rough diamonds by value, the 85%-held Anglo American subsidiary has embarked on corporate action...
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