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BHP Billiton, Peregrine Settle Litigation & End Chidliak Royalty Deal
Jan 25, 2016 1:52 AM
By Rapaport News
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RAPAPORT... BHP Billiton Canada (BHPB) settled litigation
with Peregrine Diamonds and ended a royalty agreement with the diamond miner
related to the Chidliak project in Canada.
Under the
royalty arrangement, Peregrine had granted BHPB 2 percent of future mineral
production, including diamonds, from the Chidliak asset. A dispute between the
companies arose in May 2015 in regard to BHPB’s transfer of the royalty to
South32, a company formed when BHPB demerged.
“In
consideration of Peregrine terminating its legal action against BHPB and a cash
payment of $125,000, BHPB has agreed to terminate the royalty agreement and
thereby cancel the Chidliak royalty,” Peregrine said in a statement January 22.
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Tags:
BHP Billiton, BHP Billiton Canada, chidliak, financial, legal, litigation, Peregrine Diamonds, Rapaport News
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