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Market NewsNewsDe Beers acquires Canada's Peregrine for $81 mn

De Beers acquires Canada's Peregrine for $81 mn

Anglo American’s De Beers has agreed to buy Canada’s Peregrine Diamonds (TSE:PGD), the company behind the Chidliak project in the Canadian territory of Nunavut, as the world’s largest roughs producer by value needs to replace its closing mines in the country, mining.com reported.

The Cdn$107 million deal ($81m) extends De Beer’s footprint in Canada’s frozen north beyond the Gahcho Kué joint venture, which recently achieved full production, said the mining.com report.

The Chidliak resource, discovered in 2008, is located on Baffin Island about 120km from Iqaluit, the capital of Nunavut. The asset hosts at least 74 kimberlites (eight of which are potentially economic) and has an inferred resource of 22 million carats, but needs about Cdn$455m to come online, the mining.com report said.

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