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De Beers Canada completes acquisition of Peregrine Diamonds in C$107 million deal

De Beers group of diamonds continues to strengthen its global portfolio, following a multi-million-dollar acquisition.

The company announced this week that it has completed its previously announced Plan of Agreement pursuant to which De Beers Canada has acquired all of the outstanding shares of Perefrine Diamonds, in a transaction valued at C$107 million.

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De Beers Canada acquires Peregrine Diamonds in $107 million deal

As part of the acquisition, De Beers Canada will inherit the high quality Chidliak diamond resource located in Canada’s Nunavut Territory and other properties elsewhere in Nunavut and the Northwest Territories.

Bruce Cleaver, CEO, De Beers Group, said: “We are very pleased to complete the addition of the Chidliak resource to De Beers Group’s world-leading diamond resource portfolio, and to extend our presence in Canada. We look forward to developing the resource further and are excited about its potential for contributing to our future diamond production.”

Kim Truter, CEO, De Beers Canada, said: “We are very excited about the Chidliak cluster, an asset with very strong development potential. Having built and operated three diamond mines in Arctic-like conditions in the past 15 years, our expertise in bringing projects of this nature to fruition is unparalleled. We look forward to accelerating our understanding of this property and how we can move it forward.”