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Rio Tinto Gifts India Mine to Government

Feb 7, 2017 8:59 AM   By Rapaport News
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RAPAPORT... Rio Tinto took an unusual decision to hand over the Bunder diamond mining project in India as a gift to a regional government, after walking away from the program last year.

In August, the company announced it won’t be continuing with the mining project because of an internal cost-cutting exercise.

The government of Madhya Pradesh, where the project is located, will take ownership of Bunder’s assets and infrastructure in accordance with an order signed last month. The inventory includes diamond samples recovered during exploration, Rio Tinto said. This will assist the government in packaging the assets if it wishes to auction the mineral rights in the future, the group added.

“We believe in the value and quality of the Bunder project and support its future development, and the best way to achieve that is to hand over the assets to Madhya Pradesh,” said Arnaud Soirat, chief executive officer of Rio Tinto’s copper and diamonds division (pictured).

Image: Copyright © 2017 Rio Tinto
Tags: Arnaud Soirat, Bunder, India, Madhya Pradesh, mining, Rapaport News, Rio Tinto
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