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De Beers Completes Peregrine Diamonds Acquisition, Gets Chidliak Mine

The Chidliak project

De Beers Canada has completed the previously announced acquisition of Peregrine Diamonds Ltd for C$107 million (US$82.36 million), a De Beers Group press release stated. The acquisition includes the high quality Chidliak diamond resource located in Canada’s Nunavut Territory and other properties elsewhere in Nunavut and the Northwest Territories.

The transaction, which was announced on July 19 this year, was approved by Peregrine’s security holders on August 31 and by the Supreme Court of British Columbia in its final order dated September 10. The common shares of Peregrine have been approved for delisting from the Toronto Stock Exchange and will be delisted at the end of trading on September 14.

 De Beers CEO Bruce Cleaver 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.”

De Beers Canada CEO Kim Truter 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.”

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