{"id":48134,"date":"2015-05-11T08:01:58","date_gmt":"2015-05-11T12:01:58","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=48134"},"modified":"2015-05-11T08:09:35","modified_gmt":"2015-05-11T12:09:35","slug":"blackstone-to-hedge-on-canadian-diamonds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2015\/blackstone-to-hedge-on-canadian-diamonds.html","title":{"rendered":"Blackstone To Hedge On Canadian Diamonds"},"content":{"rendered":"

\"52417\"<\/a>New York (HedgeCo.Net) – Blackstone Tactical Opportunities has acquired a 20% equity position in a\u00a0leading Canadian diamond exploration and development company, according to reports.<\/p>\n

Blackstone has purchased the shares from Stornoway for\u00a0$250 million. The hedge fund giant also bought into a minority ownership interest in the Renard diamond stream,\u00a0a $946 million project to mine diamonds in\u00a0Qu\u00e9bec.<\/p>\n

\u201cBlackstone\u2019s global presence and their long-established status as one of the world\u2019s leading investment firms make them ideally suited to Stornoway as we work to build a world class diamond mining company.\u201d\u00a0Matt Manson, President and CEO at Stornoway, said.<\/p>\n

\u201cThe Renard Diamond Project is fully financed and permitted for development of an open pit and underground diamond mine that is expected to produce an average of 1.6 million carats per year over an initial 11-year mine life, representing approximately 2% of global diamond supply by value.\u201c Blackstone said in a press release.<\/p>\n

Blackstone Group, a hedge fund with over $300 billion, broke all of their asset and earnings records in the first quarter\u00a0in the First Quarter 2015 , their economic net income has doubled since 2014, while their distributable earnings rose nearly 160%.<\/p>\n

Some of last year’s highlights:<\/strong><\/p>\n