ME home
 
  SME FaceBook SME Twitter SME LinkedIn RSS Feed

Subscriber or
SME Member Log On

WEB-ONLY CONTENT

Go to SME eNEWS

MINING INDUSTRY EVENTS

AusIMM Underground Operators Conference  - Conference
Oct 16, 2017 - Oct 18, 2017
Internat'l Congress of Mining Machinery Technology  - Conference
Oct 18, 2017 - Oct 21, 2017
Exploration 2017  - Conference
Oct 21, 2017 - Oct 25, 2017
Sustainable Industrial Processing Summit-Exhibit  - Conference
Oct 22, 2017 - Oct 26, 2017

METAL PRICES


Au
Ag
Pt
Pd
Ni
Cu
Al
Pb

AGGREGATES
AND MINERALS
MARKETPLACE


http://aggregatesmineralsmarketplace.com
The Mining Engineering, SME and NSSGA
Online Buyers Directory Site
The Online Global Mining and Minerals Library Site

Rio Tinto hands over diamond mine to Madhya Pradesh government
February 7, 2017

The Rio Tinto group has gifted its Bunder diamond mine to the central Indian state of Madhya Pradesh where the project is located, ABC News reported.

Rio Tinto halted work at the mine in 2016 to cut costs and conserve cash.Development of the mine would have cost the company around $330 million.

The Madhya Pradesh government will now be able to package the mine and equipment if it decides to auction the mineral rights.

“Our exit from Bunder is the latest example of Rio Tinto streamlining its asset portfolio. It simplifies our business, allowing us to focus on our world-class assets,” Arnaud Soirat, Rio Tinto Copper & Diamonds chief executive, said in the statement.“Rio Tinto has long and enduring ties with India and we continue to see the nation as an important market for our metals and minerals and as a key hub for Rio Tinto's business services,” he said.

The company said the Madhya Pradesh government signed an order in January accepting ownership of the mine and taking responsibility for its assets.

Australia-based Rio Tinto discovered the diamond deposits in 2004 and signed an agreement to develop the mine in 2010.

Rio Tinto has strong ties with the Indian diamond industry. It says it employs more than 250,000 Indian diamond cutters and polishers for processing its diamonds.

 

Related article search: