19th Jul 2018 13:54
LONDON (Alliance News) - Diamond miner De Beers Group Ltd said Thursday it has agreed to acquire Toronto-listed Peregrine Diamonds Ltd for USD81 million in cash.
De Beers - which is 85% owned by Johannesburg- and London-listed Anglo American PLC - will acquire the outstanding shares in Peregrine for CAD0.24 per share, equivalent to a total consideration of CAD107 million.
Peregrine owns the "high quality" Chidliak diamond mine in Nunavut Territory in Canada.
Earlier on Thursday, Anglo American reported diamond production from its De Beers business for the three months ended June rose 3.5% year-on-year to 9.0 million carats from 8.7 million the year before. Anglo American retained diamond production guidance for 2018 at between 34 million and 36 million carats.
Shares in Anglo American were 3.2% lower at 1,636.00 pence on Thursday in London, and 1.7% lower at ZAR285.64 in Johannesburg.
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