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Sale of Diamonds Business
BHP Billiton
NEWS RELEASE
Release Time IMMEDIATE
Date 13 November 2012
Number 27/12
SALE OF DIAMONDS BUSINESS
BHP Billiton has signed definitive agreements to sell its diamonds business, comprising its
interests in the EKATI Diamond Mine and Diamonds Marketing operations, to Harry Winston
Diamond Mines Ltd. (Harry Winston) for an aggregate cash consideration of US$500 million.
The transactions are subject to regulatory approval and other customary conditions.
Completion is expected in the first quarter of calendar year 2013.
Under the terms of the agreements, Harry Winston will assume all of BHP Billiton’s
obligations under EKATI’s Environmental Agreement with the Government of Canada and
the Northwest Territories, Socio-Economic Agreement with the Government of the Northwest
Territories, Impact and Benefit Agreements with Aboriginal Groups and pension liabilities
linked to the mine’s defined benefit scheme. Harry Winston is also committed to maintaining
EKATI’s environmental standards and will continue to work with local businesses and
communities in the Canadian North. All BHP Billiton employees working at EKATI, in
Yellowknife and in Diamonds Marketing in Antwerp will become employees of Harry Winston
as part of the transaction.
BHP Billiton Diamonds & Specialty Products President Tim Cutt said: “We are very proud of
EKATI’s track record and the substantial value it has created for the region and our
shareholders. The mine’s success is a credit to the people who work there, at Yellowknife
and with the marketing team in Antwerp. Harry Winston has long experience in the
Canadian diamond industry and their commitment to study further development at EKATI
could help extend the mine’s contribution to Northern Canada for many years to come.”
BHP Billiton Chief Executive Non-Ferrous Andrew Mackenzie said: “The divestment of
EKATI is consistent with our focus on large, long-life, low-cost, expandable, upstream assets
and, together with the recent sale of our interests in Richards Bay Minerals and Yeelirrie,
reflects our ongoing pursuit of a simpler business.”
The EKATI joint venture parties holding the minority interests in the EKATI mine hold pre-
emptive rights to purchase BHP Billiton's interests and have 60 days from the date they are
provided with notice to exercise such rights. Harry Winston's agreements to purchase BHP
Billiton's EKATI interests are subject to the expiration or waiver of these pre-emptive rights
and other customary regulatory and closing conditions.
The divestment of EKATI will result in an impairment of approximately US$200 million (post
tax) to the carrying value of the asset which will be reflected as an exceptional item in BHP
Billiton’s financial results.
About EKATI
EKATI is located 310 kilometres northeast of Yellowknife and 200 kilometres south of the
Arctic Circle. It was Canada’s first diamond mine. BHP Billiton’s interest in EKATI consists of
an 80 per cent interest in the Core Zone Joint Venture, comprising existing operations and a
58.8 per cent interest in the Buffer Zone Joint Venture, primarily focusing on exploration
targets.
Further information on BHP Billiton can be found at: www.bhpbilliton.com.
Sponsor: Absa Capital (the investment banking division of Absa Bank Limited, affiliated with
Barclays)
Media Relations Investor Relations
Australia Australia
Antonios Papaspiropoulos James Agar
Tel: +61 3 9609 3830 Mobile: +61 477 325 803 Tel: +61 3 9609 2222 Mobile: +61 467 807 064
email: Antonios.Papaspiropoulos@bhpbilliton.com email: James.Agar@bhpbilliton.com
Fiona Hadley Andrew Gunn
Tel: +61 3 9609 2211 Mobile: +61 427 777 908 Tel: +61 3 9609 3575 Mobile: +61 439 558 454
email: Fiona.Hadley@bhpbilliton.com email: Andrew.Gunn@bhpbilliton.com
Eleanor Nichols United Kingdom and South Africa
Tel: +61 3 9609 2360 Mobile: +61 407 064 748
email: Eleanor.Nichols@bhpbilliton.com Tara Dines
Tel : +44 20 7802 7113 Mobile : +44 7825 342 232
United Kingdom Email : Tara.Dines@bhpbilliton.com
Ruban Yogarajah Americas
Tel: +44 20 7802 4033 Mobile: +44 7827 082 022
email: Ruban.Yogarajah@bhpbilliton.com Brendan Harris
Tel: +44 20 7802 4131 Mobile: +44 7990 527 726
Americas email: Brendan.Harris@bhpbilliton.com
Jaryl Strong Matt Chism
Tel: +1 713 499 5548 Mobile: +1 281 222 6627 Tel: +1 71 359 96158 Mobile: +1 281 782 2238
email: Jaryl.Strong@bhpbilliton.com email: Matt.E.Chism@bhpbilliton.com
BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209
Registered in Australia Registered in England and Wales
Registered Office: 180 Lonsdale Street Registered Office: Neathouse Place
Melbourne Victoria 3000 Australia London SW1V 1BH United Kingdom
Tel +61 1300 55 4757 Fax +61 3 9609 3015 Tel +44 20 7802 4000 Fax +44 20 7802 4111
Members of the BHP Billiton Group which is headquartered in Australia
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