BHP Billiton Limited
(ASX:BHP) has announced the sale of its diamonds business for $US500 million in cash, marking the global miners exit from the diamond industry.
BHP has sold its interests in the Canadian Ekati Diamond Mine and Diamonds Marketing operations to jewellery retailer Harry Winston Diamond Mines.
The mining company will take a $US200 million impairment charge post tax on the sale which is expected to be finalised in the first quarter of 2013, pending regulatory approvals.
BHP says the divestment is in line with its focus on large, long-life, low-cost, expandable, upstream assets and reflects its ongoing pursuit of a simpler business.
BHP Billiton generated a net profit of $15.2 billion in the 2012 financial year.
