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De Beers Canada acquires Peregrine Diamonds in $107 million deal

The worlds largest diamond company continues to expand its portfolio, with the acquisition of a Canadian diamond miner.

De Beers Group announced in a statement this week that its Canadian mining company, De Beers Canada, has entered into an agreement to acquire Peregrine Diamonds Ltd.

The through deal, valued at C$107 million, will see De Beers Canada take ownership of the Chidliak diamond resource in the Nunavut Territory of Canada.

Discovered in 2008, the Chidliak resource contains an estimated grate og 2.41 carats per tonne and a diamond valuation of US$151 per carat (which is equal to around US$360 per tonne)

This makes the Chidliak diamond resource one of the most attractive undeveloped diamond resources in the whole of Canada.

Kim Truter, CEO, De Beers Canada, said: “This investment reinforces De Beers Group’s long-term commitment to Canada, following our investment in the Gahcho Kué diamond mine, which entered commercial production last year. Chidliak is a high value prospect and the Peregrine team has done great work to bring it to this advanced stage. With the transformation of our company in Canada over the past two years, our focused investment in new and innovative mining methods, and our expertise in Canada’s arctic environments, we believe we are very well positioned to now develop the resource further.”

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Eric Friedland, Founder and Executive Chairman of Peregrine Diamonds, stated: “The transaction we are jointly announcing today is the next step in the development of the Chidliak diamond project. The team at Peregrine has done an outstanding job advancing Chidliak to this stage and it is particularly gratifying that the quality of the diamond resource we have defined is recognized by the world’s premier integrated diamond company. All stakeholders will benefit from this transaction and the involvement of De Beers as Chidliak advances toward development.”