Giant reach extends
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Tuesday, 25 July, 2000 - 22:00
South African diamond mining giant De Beers is to extend its dominance of the international diamond market with a C$167 million hostile bid to acquire a majority shareholding in the Snap Lake diamond project, in the Canadian North West Territories.
De Beers has made a cash offer of C$4.25 per share to the shareholders of Winspear, a Canadian-listed exploration company with a 67.76 per cent stake in Snap Lake.
The project is well advanced with production at a rate of 18 million carats per year expected after 2002, and contains 12.6 million tonnes grading at 1.75 carats per tonne.
Diamonds recovered from bulk sampling are valued at US$118 per carat, placing an insitu value of US$2.6 billion on the deposit.
De Beers has made a cash offer of C$4.25 per share to the shareholders of Winspear, a Canadian-listed exploration company with a 67.76 per cent stake in Snap Lake.
The project is well advanced with production at a rate of 18 million carats per year expected after 2002, and contains 12.6 million tonnes grading at 1.75 carats per tonne.
Diamonds recovered from bulk sampling are valued at US$118 per carat, placing an insitu value of US$2.6 billion on the deposit.