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Thursday, August 26, 2010

Harry Winston Closes Diavik Mine Deal

Harry Winston Diamond Corp. said Wednesday that it has paid $200 million to purchase a 9 percent interest in the Diavik Joint Venture from Kinross Gold Corp. With the transaction complete, Harry Winston now owns 40 percent of the Diavik Diamond Mine in the Northwest Territories of Canada. Rio Tinto owns the remaining interest.

Kinross received $50 million in cash, $70 million in debt securities and 7.1 million shares of Harry Winston. The promissory note will bear interest at a rate of 5 percent annually with a maturity date of August 25, 2011.

The deal was first announced between the two Toronto-based companies on July 23.

Harry Winston Diamond Corp. is a specialist diamond enterprise with assets in the mining and retail segments of the diamond industry. Harry Winston supplies rough diamonds to the global market from its 40 per cent ownership interest in the Diavik Diamond Mine. The company's retail division is a premier diamond jeweler and luxury timepiece retailer with salons in key locations, including New York, Paris, London, Beijing, Tokyo, and Beverly Hills.

Kinross Gold Corp. is a gold mining company with mines and projects in Canada, the United States, Brazil, Chile, Ecuador and Russia.

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