Germany’s Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
BHP Billiton could receive less than $500 million for its Ekati diamond mine in Canada’s Northwest Territories.
Asset management firm Investec said Friday that the mine, in which BHP owns 80%, is worth between $300 million and $500 million because of its limited remaining life and declining earnings:
“It’s a short-life mine, its best years are well and truly behind it,” Tim Gerrard, a Sydney-based analyst at Investec, told Bloomberg. He predicted the mine will cease production by 2020. “Its profit will be a lot lower” than the $537 million in pretax earnings posted in the year ended June 30.”
BHP Billiton (NYSE:BHP) said in November it is reviewing its diamond business, which includes two large diamond mines in northern Canada, for a potential sale of all or parts of the business.
BHP sold its 51% interest in the Chidliak diamond project to Peregrine Diamonds (TSE:PGD), which has been exploring the 860,000-hectare property on Baffin Island since 2006, for CAD$9 million on Dec. 20. Peregrine had owned 49% of the project.
Credit Suisse Group valued BHP’s diamond business, including Ekati and Chidliak, at about $2 billion, Bloomberg reports.
3 Comments
Lbonde
Mark my words — the Chinese will be making an offer shortly to BHP … very shortly.
Buying up oil companies out West; this is now to be their Eastern grasp on my country.
Lewis Bonder
Dale Rolfe
I would work for the Chinese any day.Those self centered Aussie’s are the worst bunch i’ve ever worked for.The sooner they leave the north the better!!
Guest
Chinese,…. diamonds? What are you guys smoking? There virtually no chance that the Chinese will buy a diamond mine in the Canadian arctic.