Deals
De Beers Makes Rare Acquisition by Buying Canadian Diamond Mine
- Anglo American unit to buy Peregrine Diamonds for $81 million
- De Beers is looking to replace closing Canadian mines
Photographer: Chris Ratcliffe/Bloomberg
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De Beers has made a rare acquisition, buying a Canadian company, as the world’s biggest diamond producer seeks to replace closing mines in the country.
The unit of Anglo American Plc agreed to buy Peregrine Diamonds Ltd. for about $81 million, giving it control of the Chidliak diamond resource in northern Canada, the company said in a statement Thursday. De Beers rarely buys assets, partly because it owns some of the best gem mines in the world.