Inco-DeBeers link up in Baffin

Canadian mining giant Inco Ltd. and the world’s largest diamond seller, De Beers, have signed a two-year exploration deal that will see the two companies combining forces to look for gems and metals in North Baffin.

The deal gives De Beers the right to any diamond discoveries, while Inco will have first dibs on any nickel, cobalt, platinum and copper deposits.

Working together will save both companies time and money.

“Our interests are not in conflict, so it’s an opportunity for both of us to look at the one sample that’s gathered,” an Inco spokesman said.