De Beers Canada Exploration Inc. and Inco Ltd. have signed a two-year agreement to share geophysical and geochemical data as they search north Baffin Island for underground riches, Canadian Press reports.
Under the terms of the deal, each company would be entitled to 100% ownership of any discovery of either one’s core commodity: diamonds in the case of De Beers, base metals for Inco, the news service reports.
Ownership of any other type of mineral project would be shared equally, De Beers reportedly said in a release.
Baffin Island is one of the Artic Island in the north of Canada in the territory of Nunavut. It is the largest island in Canada and is the fifth largest island in the world, with an area 195,928 sq mi
Apart from early work in the mid-1970s, De Beers has been active on Baffin Island since 2000 and a forerunner in the exploration of the eastern Arctic, the news service reports.
The company reportedly spent $46.1 million last year—35% of De Beers’s global exploration spending—searching for diamonds in Canada.