Diamonds Are Not on BHPB Exploration Map

BHP Billiton reports limited diamond exploration. Above, its Ekati diamond mine in Canada

(IDEX Online News) - Despite being one of the most profitable diamond mining companies in the world, multi-resource company BHP Billiton is not investing much in seeking new diamond deposits. In an exploration report published today (Wednesday), diamonds are mentioned only in passing.

According to the third quarter exploration and development report, the company will focus its exploration activities mostly on energy related products - gas, oil, coal and petroleum. Other resources include copper, iron ore and alumina.

As for diamonds, the company said it has grassroots exploration targets in Canada. 

BHP Billiton posted revenues of $52.8 billion, of them diamonds contributed $901 million in the last fiscal year. Profits from diamonds increased 72.3 percent year-over-year.