BHP Diamonds Inc. and Dia Met Minerals Ltd. Announce Initial Sales Results.MELBOURNE Melbourne, city, Australia Melbourne, city (1991 pop. 2,761,995), capital of Victoria, SE Australia, on Port Phillip Bay at the mouth of the Yarra River. Melbourne, Australia's second largest city, is a rail and air hub and financial and commercial center. , Australia--(BUSINESS WIRE)--Jan. 26, 1999--BHP Diamonds Inc. and Dia Met Minerals Ltd. are pleased to announce the results of the first sales of rough diamonds produced from the Ekati Diamond Mine The Ekati Diamond Mine is Canada's first diamond mine. It is located near Lac de Gras at, km ( mi) north-east of Yellowknife, Northwest Territories, and about km ( mi) south of the Arctic circle. Ekati is a joint venture between BHP Billiton Diamonds Inc. in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Sales of distinct allotments were made to a number of diverse international diamond companies. The sales took place during the week of Jan. 18, 1999, at the BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. Diamonds (Belgium) sales office located in Antwerp. A total of approximately 68 500 carats from October and November 1998 production were sold for US$8.5 million. Larger stones of 10.8 carats and up were not included and will be marketed separately. The number of carats sold in subsequent cycles will increase as production from the Ekati Diamond Mine continues to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale . Total production in December 1998 was 169 892 carats. Full production of approximately 250 000 carats per month is expected in March 1999. "We are very pleased with the positive market response to our initial sales, which confirms a strong interest in Ekati production despite current market conditions," said J R (Jim) Rothwell, president BHP Diamonds Inc. "The initial sales demonstrate the high quality of rough diamonds produced from Ekati and the sound approach that is being taken to the initial marketing phase. I am delighted to say that we are now producing revenue from the Ekati Diamond Mine," said Dia Met president James E Eccott. A regular program of diamond sales to core clients on a 4 - 5 week cycle will be undertaken by BHP Diamonds Inc. on behalf of the Ekati Diamond Mine Joint Venture. In addition, window sales of small parcels will be an ongoing element of the marketing program and the potential for a bulk sale of a portion of the run-of-mine production to De Beers remains under consideration. Future sales results will be disclosed through the regular financial reporting of The Broken Hill Proprietary Company Limited and Dia Met Minerals Ltd. Dia Met is a publicly traded mineral exploration and development company with a primary focus on diamonds. The company holds a 29 per cent interest in the Ekati Diamond Mine, Canada's first commercial diamond mine, together with BHP Diamonds (51 per cent), Charles Fipke (10 per cent) and Stewart Blusson Dr. Stewart Lynn "Stu" Blusson OC (born 1939) is a multimillionaire and philanthropist. He co-discovered billion-dollar Ekati Diamond Mine, 300 kilometres from Yellowknife, Northwest Territories, Canada. He is President of Archon Minerals Ltd. (10 per cent). The Ekati Diamond Mine is located 300 kilometres northeast of Yellowknife in Canada's Northwest Territories. |
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