Northern Miner/Diamonds in Canada
In 2013, De Beers Canada turned down a chance to own a majority stake in Peregrine Diamonds’ Chidliak project in Nunavut. Five years later, it now owns the project outright. What changed in that time period? De Beers Canada CEO Kim Truter says that the timing just wasn’t quite right the first time around.
“I always say to people that to develop a mining business, you need a few stars to line up and of course the number one star is what’s happening with the global economy and what’s happening with the diamond business in general, then you get down to the local environment and the quality of the asset. At that time, those various stars just didn’t line up,” Truter told Diamonds in Canada magazine in an October interview.
Now, the situation on all those fronts is different. “First of all, the project had actually advanced, so credit to the Peregrine team that have done a tremendous job advancing the understanding of the orebodies and the kimberlite pipes up there,” Truter explains. “That, coupled with our portfolio needs and where the economy was sitting meant the stars did line up. So it’s fantastic to have made that acquisition.”