De Beers take over of Peregrine Diamonds
De Beers is laying out $107 million to take over Peregrine Diamonds ,the Canadian Diamond prospector. The projects are in the Nanavut territory in the far northwest of Canada. Looking at Peregrine's Balance Sheet the value of the Property and Equipment is$6.2million. The offer is thus 17 times this value. Tsodilo has spent approx. $3 million on the BK16 diamond project in Botswana. Applying the DeBeers/Peregrine offer ratio would place a value of C$1.30 per share on Tsodilo's diamond project with the Copper and Iron Ore projects in for free.