Rio ready to snap up Indian diamond hoard, US$480.3 mn

IRJ Mar 5 - In India, the Mines Ministry has indicated that it will soon award approval for mining giant Rio Tinto’s proposed diamond mining lease on which the company plans to spend US$480.3 million. It appears that almost a decade spent hunting for just the right diamond mining opportunity in India has paid off for the company, as this license application for the Bunder diamond project near Panna, India’s only hardrock diamond mine, has been approved by the Madhya Pradesh government and ought to be announced within the next two weeks. If all goes to plan, Tinto will commence this project through its subsidiary company, Rio Tinto Exploration India Ltd, with a production target year of 2016, procedures depending.

Add to: del.icio.us | Digg | NewsVine | Mixx | FaceBook | Twitter