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by Mike Caswell

Eric Friedland's Peregrine Diamonds Ltd. has asked the Supreme Court of British Columbia to halt the transfer of a royalty that BHP Billiton Canada Inc. holds on the Chidliak property in Nunavut. Peregrine says that it has a right of first refusal to acquire the royalty, and that such an acquisition could change the economics of the project. Peregrine is seeking a court order that would force BHP to offer it the royalty.

The request is contained in a notice of claim that Peregrine filed at the Vancouver courthouse on Tuesday, May 12. The royalty at the centre of the lawsuit is one that Peregrine granted to BHP in 2012 when Peregrine acquired BHP's 51-per-cent interest in Chidliak. As part of that deal, BHP retained a 2-per-cent royalty on any production. Peregrine claims that the terms of the agreement required BHP to offer the royalty to Peregrine before selling it to any other party.

PEREGRINE DIAMONDS

Eric Friedland

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