BHP not raising stake in Peregrine JV

BHP Billiton Ltd （ASX:BHP） has decided not to raise its stake in its joint-venture with Canada-based Peregrine Diamonds, driving the Canadian miner to pump more money into the project.

Under the joint venture agreement, BHP has a 51 per cent interest in the Chidliak project in Canada valued a little over $22.3 million.

The company had the option to raise its stake by 7 per cent by funding the project until it reached a feasibility study stage, however, BHP has opted not to raise its stake.

For the year ended 30 June 2010, BHP reported a net profit of $15.26 billion.