BHP sells diamond assets for US$500 million

The world’s largest miner BHP Billiton on Wednesday said it was exiting the diamond industry, selling its Canadian assets to retailer Harry Winston Diamond Corp. for US$500 million.

BHP had an 80 per cent stake in the EKATI diamond mine, which produces more than three million carats of rough diamonds a year.

The company said it was offloading the assets as part of its strategy to only invest in large, long-life, expandable assets.

via Business feed http://www.scmp.com/business/companies/article/1082152/bhp-sells-diamond-assets-us500-million