March 5, 1999
BHP and Dia Met Announce Relationship with De Beers
BHP Diamonds Inc. and Dia Met Minerals Ltd., co-owners of the Ekati Diamond Mine in Canada, yesterday signed an agreement to sell 35% of the mine's diamonds through De Beers' Central Selling Organisation over the next three years.
The memorandum of understanding between De Beers and the mine's owners represents a long-awaited decision by the CSO and the rest of the diamond market. The final arrangement is expected to be complete in mid-1999, and sales to the CSO will begin shortly afterwards. BHP says it will market the remaining 65% of the run-of-mine independently.
- by Stacey King