Harry Winston to Buy BHP’s Diamond Business for $500 Million

The Globe and Mail reported that Harry Winston Diamond Corp. (TSX:HW,NYSE:HWD) is going to buy BHP Billiton Ltd.’s (NYSE:BHP,ASX:BHP,LSE:BLT) diamond business for US$500 million. BHP has shied away from large new investments over the past year and recently revealed that it might leave the diamond mining industry.

As quoted in the market news:

The assets include BHP Billiton’s interests in the Ekati, Canada’s first diamond mine, as well as its diamond marketing operations.

“The divestment of Ekati is consistent with our focus on large, long-life, low-cost, expandable, upstream assets and, together with the recent sale of our interests in Richards Bay Minerals and Yeelirrie, reflects our ongoing pursuit of a simpler business,” said Andrew Mackenzie, the chief executive for BHP Billiton’s Non-Ferrous division.

Click here to read the full report from The Globe and Mail.