BHP-Billiton Breaks with De Beers


October 2, 2002

BHP-Billiton Breaks with De Beers

Australian mining company BHP-Billiton notified De Beers it does not intend to renew the agreement to market Canadian-mined diamonds signed with the giant diamond company in July 1999. At that time, BHP Billiton and De Beers signed a three-year marketing agreement covering the sale of 35% of the run-of-mine production from the Ekati mine in Canada to the Diamond Trading Co., De Beers' marketing arm. The agreement is due to expire at the end of 2002.

In a prepared statement, De Beers says it drew satisfaction from the professional working relationship with BHP-Billiton during the agreement. De Beers also says the non-renewal of the contract is not expected to have a material effect on its business.







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