Diamonds, News & Features, Resource News

Rio Tinto to grow Indian diamond presence

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By Shivom Seth

The second-largest mining company in the world, Rio Tinto, has decided to mine diamonds in India from its Bunder Diamond project at Chhatarpur district in Madhya Pradesh. With an investment target of around $79 million, the owner of the fancy red and pink coloured diamonds hopes the project will substantially add to its kitty.

Madhya Pradesh is a major diamond producing state with estimated prospects of 1,200 thousand carats of diamond reserve. “Rio Tinto has commenced production and bulk sampling at Mumbai diamond auctions,” MP Mining and Mineral Secretary S K Mishra told a posse of media persons recently. The mining major has been exploring for diamonds in India since 2001 and was given a prospecting license for the project in 2006, and has a mining lease on 475 hectares.