BHP Grabs Control of Dia Met

Canada's Ekati mine is now under the near-complete control of mining company BHP. The company, which owns 55% of the mine, recently bought out minority partner Dia Met for $505 million. BHP now owns 80% of the mine. Two of Dia Met's founders, Charles Fipke and Stewart Blusson, each retain 10% stakes. Dia Met was offered for sale following Fipke's messy divorce. In the 1980s, Fipke, a geologist, mounted a lonely 10-year expedition for diamonds in the Northwest Territories. He finally hit the jackpot in 1991, igniting one of the largest staking rushes in modern history. De Beers will continue to market 35% of Ekati's output under the new arrangement.
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