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Gold/Mining/Energy : Canabrava Diamond
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To: m.philli who wrote (2126)8/1/2000 11:39:38 AM
From: Diamond Daze  Read Replies (1) of 2402
 
Van Sun says De Beers goes after Ashton

Ashton Mining of Canada Inc ACA
Shares issued 29,249,415 Jul 31 close $0.81
Tue 1 Aug 2000 In the News
Also (U:DBRSY)
The Vancouver Sun reports in its Tuesday edition that De Beers is determined to
get a piece of Canada's diamond industry and to that end is bidding for all
of Australia-based Ashton Mining Ltd.'s outstanding shares
in a deal worth $306-million (U.S.). The Sun's Rod Nutt writes that Ashton
Mining holds a 68.2-per-cent interest in Ashton Mining of Canada. While Ashton
Canada has exploration interests in Alberta, Nunavut and the
Northwest Territories, the parent company has a 40-per-cent interest in the
Argyle diamond field in Australia. The Argyle field produced about 25 million
carats of unique champagne pink diamonds last year, almost all of Australia's
output and about a quarter of global production by weight. Rio Tinto PLC owns
the remaining 60 per cent of Argyle. Mining analyst Art Ettlinger of Yorkton
Securities says De Beers is bidding for Ashton Mining for a number of reasons.
"It gives De Beers a stake in Argyle, the Merlin project in Australia and Ashton
Canada," he said. Dorothy Atkinson of IPO Capital said De Beers also wants to
get out of Africa's so-called "conflict
diamonds."
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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