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Gold/Mining/Energy : Trump's 12 Diamond Picks, Discussions Limited
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To: George J. Tromp who wrote (1978)3/6/1999 9:51:00 AM
From: kidl  Read Replies (1) of 2251
 
De Beers to sell NWT stones after year of talks
By KEITH DAMSELL
The Financial Post
South African diamond giant De Beers Consolidated Mines Ltd. will finally get its hands on some Canadian gems.
Dia Met Minerals Ltd. and Australian partner Broken Hill Pty Co. have signed a memorandum of understanding that paves the way for De Beers to sell 35% of the stones from Canada's first diamond mine in the Northwest Territories. A three-year agreement is set to be completed this summer.

"The De Beers sales are firm," said Gerald Prosalendis, spokesman for Kelowna, B.C.-based Dia Met.

The deal ends more than a year of round-the-world negotiations between the three companies. The $900-million Ekati mine began production last October without a marketing agreement with London's Central Selling Organization, De Beers' powerful selling arm that controls about 70% of the world's diamond trade. In January, Dia Met and BHP successfully sold the first batch of Ekati stones themselves in Antwerp, Belgium.

"Obviously De Beers must have had some second thoughts about Canadian diamond distribution," said Vahid Fathi, analyst at ABN Amro Chicago Corp.

Negotiations moved slowly for several reasons, industry watchers say. Over the past year, BHP has undergone sweeping changes in senior management and the future of the mining giant's assets are under review, including U.S. and Canadian operations.
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