THE world's largest diversified resources company BHP Billitonhas become less diverse after exiting the diamond mining business.
BHP confirmed speculation first airedseveral months ago that it would sell its EKATI diamond business in Canada toCanadian miner and jewellery retailer Harry Winston Diamond.
The sale price is$US500 million ($A481.58 million) but BHP said it wouldalso book a non-cashimpairment charge ofabout $US200 million($A192.63 million) onthe asset's carrying value.
The move is consistent with a desire by BHP under chief executive MariusKloppers to strip away and simplify thebusiness.
That involves disposing of its smaller or less-profitable divisions with challenging outlooks,including nickel and aluminium.
BHP chief executive non-ferrous Andrew Mackenzie said the sale was consistent with a focus on large,long-life, low-cost, expandable, upstreamassets.
"Together with the recent sale of our interests in Richards Bay Minerals (mineral sands) and Yeelirrie (uranium), (the sale) reflects our ongoing pursuit of a simpler business," he said in astatement.
It sees its future coreassets being iron ore,coal, copper, petroleum and potash, although some analysts warn the world can changequickly and its other assets hold hedging value.
The diamond mine is located in Canada's remote northwestern territories, 200km south of the Arctic Circle.
