Column: Demand weakness helps cushion tin from supply problems
Tin demand last year was weaker than expected and is on course for only a modest recovery in 2024, according to the International Tin Association.
Mining giant Rio Tinto (LSE:/NYSE:/ASX:RIO) has unveiled its inaugural set of jewelry made using diamonds from its Bunder mine project in India’s Madhya Pradesh.
According to a Rio Tinto press release the inaugural jewelry set entitled ‘Courageous Spirit’ was designed by Reena Ahluwalia, a native of Madhya Pradesh who is currently based in Toronto, and incorporates a total of 25.34 carats of polished Bunder diamonds as well as 2.8 carats of rough Bunder diamonds.
While the huge mining conglomerate is better known for supplying more prosaic mineral resources, Rio Tinto currently has full or majority stakes in four diamond mines around the world, including the Argyle mine in Australia, the Diavik mine in Canada, the Murowa mine in Zimbabwe and the Bunder project in India.
The Bunder diamond project was first discovered by Rio Tinto in 2004, with the company subsequently signing a State Support Agreement with the Government of Madhya Pradesh in 2010.
Rio Tinto expects the Bunder diamond mine to commence commercial production in 2016 and eventually make Madhya Pradesh one of the world’s top ten diamond producing regions.
See images of ‘Courageous Spirit’ at Forbes magazine>>
Comments
Nick Carter
I hopew Rio Tinto take their corporate responsibilities seriously and bring some much needed prosperity to this part of India.