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Rio Tinto Exits Zimbabwe

Jun 26, 2015 8:03 AM   By Jeff Miller
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RAPAPORT...  Rio Tinto sold its 78 percent stake in Murowa Diamonds and its 50 percent share of Sengwa Colliery Ltd. for an undisclosed sum to RZ Murowa Holdings Ltd. of Zimbabwe.  RioZim Ltd., which is an independent mining company in Zimbabwe, holds a 22 percent interest in Murowa Diamonds and a 50 percent stake in Sengwa and will assume  overall management of both.

Rio Tinto stated that the future of these assets can be best managed by companies with existing interest in Zimbabwe, while not specifically addressing the proposed  diamond-mining consolidation efforts underway by the government.

Rio Tinto's diamonds and minerals CEO, Alan Davies, said, “Rio Tinto remains committed to the diamond industry and is focused on operating its two world-class underground mines while obtaining the approvals for its advanced diamond project in India.”

The mining giant operates the Argyle diamond mine in Australia, owns a 60 percent stake in the Diavik diamond mine in Canada and has, so far, discovered a cluster of eight diamondiferous pipes at the Bunder project in the state of Madhya Pradesh, India.

Tags: diamonds, Jeff Miller, mining, Murowa, Rio Tinto, Zimbabwe
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