BHP Sells Chidliak Diamond Project

Financial Post reported BHP Billiton (NYSE:BHP) sold its Chidliak diamond mine in Canada to Peregrine Diamonds Ltd. (TSX:PGD).

As quoted in the market news:

BHP, which has said it wants to focus on large, scaleable assets, said Peregrine would pay BHP $9 million over three years and grant the mining giant a 2% royalty on future production from the operation.

The review of its interest in the EKATI mine, the cornerstone of its diamond business, was ongoing, BHP said, reiterating it would keep the asset if it cannot find a counterpart that meets its criteria.

Click here to read the full Financial Post report.