KKR plans to buy BHP Billiton and Rio Tinto diamond business for US$750 million

According to The Sunday Times, private equity firm Kohlberg Kravis Roberts & Co. (KKR) intends to acquire diamond mining operations from BHP Billiton Ltd. and Rio Tinto PLC. And then merge the two to challenge the diamond industry leaders De Beers and Alrosa. The newspaper said it expects KKR to spend about $750 million to acquire BHP Billiton's Ekati diamond business in Canada, leading the bidding competition. KKR plans to merge Ekati with Rio Tinto's $2 billion diamond mining business for sale, which will control about 15% of the world's iron ore supply. Recently, the world's mining giant Rio Tinto has issued a notice saying that it is considering selling its diamond business. Rio Tinto is one of the world's largest diamond producers. A large part of Rio Tinto's profits comes from iron ore, but the company is also an important diamond miner. According to 2010 data, Rio Tinto's production is 13.8 million carats. In comparison, Erosa has a total of 33.3 million carats and De Beers has a production of 33 million carats. Rio Tinto said in a statement that it has conducted a strategic assessment of its diamond business, including exploring a range of options that may divest its diamond business, including fully owned Australian Argyle mines known for their pink diamonds, holding 60% of Canada. Diavik Mine and holding 78% of the Murowa mine in Zimbabwe. Harry Kenyon-Slaney, CEO of Rio Tinto's Diamonds and Ore Business, said in a statement: "We have a valuable and high quality diamond business, but considering this business Scale, we can create more value through different ownership structures.” Kenyon Slany believes that the prospects for the diamond market are very positive, demand growth is strong, and supply is limited due to the lack of new mineral deposits.

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