RE: debeers got Winspear for....Hammerbit et al:
You are making me dig a long ways back in my notes BUT here it is:
News of Aug. 27/00 De Beers announces it has successfully secured over 90% of the shares (of Winspear) in its bid to buy Winspear's 67.76% in Snap Lake for $301 MM CDN ($203MM USD's).
News of Feb. 01/01 Aber reports completion of the SALE of its 32.24% of Snap Lake for $171 MM CDN ($114MM USD's).
Doing a bit of math here, based on the Winspear BUYOUT, 100% of Snap Lake was worth $301MM/67.76% = $444.21M CDN
Based on the Aber BUYOUT, 100% of Snap Lake was worth $171MM/32.24% = $530.40MM CDN
Interestingly enough, $530.40/$444.21 = 1.19. This means than De Beers paid close to a 20% PREMIUM to buyout the MINORITY Aber share.
In an article carried by the National Post of August 11/08 or thereabouts probably with reference to a News Release from Winspear on August 10/00, the "updated Resource Study" by MRDI Canada Ltd. pegged the Indicated, Inferrred and Total Resource numbers as follows:
Indicated Resources : 21.6MM tonnes with 41.1MM Carats (1.90 c/t)
Unferred Resources: 24.0MM tonnes with 45.3 MMt Carats (1.89 c/t)
TOTAL Resources: 45.6MM tonnes with 86.4 MM Carats
USING the 100% IMPLIED Snap Lake BUYOUT Price of $444.21MM CDN based on the Actual Winspear SALE Price of $301MM CDN, this puts the $/ct for the Total Resource of 86.4 MM carats at a BUYOUT Price of $5.14 CDN/carat
USING the 100% IMPLIED Snap Lake BUYOUT Price of $530.40MM CDN based on the Actual Aber SALE Price of $171MM CDN, this put the $/ct for the Total Resource of 86.4 carats at a BUYOUT Price of $6.14 CDN/carat.
The average appraised value for the Snap Lake diamonds was about $118/ct.
So the "VALUE IN THE GROUND" which ranges from $5.14/ct to $6.14/ct is LESS than 10% of the appraised value of $118/ct.
Of course if you applied the IMPLIED BUYOUT Price to ONLY the INDICATED 41.1MM carats the Price/Carat would range from $10.81/carat to $12.90/ct
With escalating value of rough in the past couple of years and an expectation that this appreciation will continue plus a population of large valuable stones, I wouldn't be surprised if $10 - $15/ct (or even somewhat higher)would be closer to the mark in determining the "Value In The Ground" of the Gahcho Kue Deposit using the TOTAL of Indicated + Inferred.
Feel free to check and verify the information as presented above from sources that you may have and do your own calculations.
Cheers,
LB