BHP from Diamonds to Potash?Yesterday, Peregrine issued NR - BHP moving on from their diamonds. Perhaps next stop WPX? Would be a great Christmas gift!
PEREGRINE INCREASES OWNERSHIP IN CHIDLIAK DIAMOND PROJECT TO 100 PERCENT
Peregrine Diamonds Ltd. has entered into a binding agreement with BHP Billiton to purchase BHP Billiton's 51-per-cent participating interest in the 8,580-square-kilometre Chidliak diamond project, Baffin Island, Nunavut, Canada. The purchase gives Peregrine 100 percent ownership of Chidliak, exposing its shareholders to all the benefits from the diamond discoveries to date and the Project's exploration potential. Under the terms of the agreement, Peregrine will pay a total of CAD$9,000,000 over a period of three years, and grant BHP Billiton a two percent royalty on any future mineral production from Chidliak. Peregrine has the right to match any offer by a third party to purchase any of the royalty, should BHP Billiton decide to sell. In addition, as part of the transaction, Peregrine has acquired BHP Billiton's Canadian regional diamond exploration database and BHP Billiton has agreed to extinguish Peregrine's royalty obligations and BHP Billiton's diamond marketing rights on certain Canadian mineral properties in which Peregrine has an interest.