KKR, the famed private equity firm, is looking to combine the for-sale diamond assets of Rio Tinto and BHP to form a huge diamond mining conglomerate, according to a report in London’s Sunday Times.
The proposed group would include Rio Tinto’s and BHP’s mines in Canada, Diavik and Ekati. It would be the third largest diamond miner in the industry.
Other suitors include Harry Winston, which owns 40 percent of Ekati and has already signaled its interest, as well as Stornaway Diamonds.
KKR has appointed Brian Menell, a De Beers veteran, to consult on its plans, the report added.
Mendell and KKR did not return a request for comment from JCK.