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BHP Billiton Ltd Sells Diamond Business


Tuesday, 13 Nov 2012 04:32pm EST 

BHP Billiton Ltd announced that it has signed definitive agreements to sell its diamonds business, comprising its interests in the EKATI Diamond Mine and Diamonds Marketing operations, to Harry Winston Diamond Mines Ltd. (Harry Winston) for an aggregate cash consideration of USD 500 million. The transactions are subject to regulatory approval and other customary conditions. Completion is expected in the first quarter of fiscal year 2013. Under the terms of the agreements, Harry Winston will assume all of BHP Billiton’s obligations under EKATI’s Environmental Agreement with the Government of Canada and the Northwest Territories, Socio-Economic Agreement with the Government of the Northwest Territories, Impact and Benefit Agreements with Aboriginal Groups and pension liabilities linked to the mine’s defined benefit scheme. 

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