Rio Tinto Gifts Bunder Diamond Project to Government of Madhya Pradesh
February 07 2017 - 12:34AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC will gift its halted Bunder diamond
project in India to the government of Madhya Pradesh state, the
company said.
Rio Tinto in August said it wouldn't go ahead with the
development of the Bunder site, citing commercial considerations,
and on Tuesday said it has made the decision to hand the site to
the state government following a comprehensive review.
"Our exit from Bunder is the latest example of Rio Tinto
streamlining its asset portfolio" to focus on the biggest and most
profitable operations, its copper and diamonds chief executive
Arnaud Soirat said in an emailed statement.
The Anglo-Australian miner said that, in addition to the land,
infrastructure and equipment at the site, it will give the
government diamond samples recovered during exploration. "This
approach will assist the government to package the assets if it
were to proceed with an auction process for the Bunder mineral
rights," Rio Tinto said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 07, 2017 00:19 ET (05:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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