BHP Billiton Limited (ASX:BHP) has announced a review of its diamonds business in Canada which may result in the sale of some or all of the assets.
The global miner is looking into its 80 per cent interest in the EKATI Diamond Mine and its 51 per cent interest in the Chidliak exploration project.
BHP says years of exploration suggest there are few options to develop new diamond mines in line with its strategy to focus on large, long-life, expandable assets.
The review is expected to determine if BHP should remain in the diamonds industry and also to evaluate the potential sale of the business.
The review is expected to be finished by the end of January 2012.
An analyst has told Fairfax Media BHP’s diamond business accounts for 2 to 3 per cent of the company and that it’s not growing.
BHP Billiton posted a net profit of $22.3 billion in the 2011 financial year.
