Harry Winston snaps up BHP diamond mine

BHP Billiton has agreed to sell its Canadian EKATI diamond operation to Harry Winston for $500m (£315m), as the luxury jeweller bets on rising prices that could extend the life of Canada’s oldest diamond mine. Miner BHP – which has been narrowing its portfolio to focus on larger, long-life assets – announced the sale almost a year after it first said it planned to pull out of diamonds and would sell assets including its 80 per cent stake in EKATI, the cornerstone of its diamond business. Harry Winston said in a statement that it would fund the cash deal with existing resources and debt, including a $400m term loan and a $100m revolving credit facility.