Rio Tinto considers selling its diamond mines
Rio Tinto (LSE, NYSE: RIO) said it may sell individual diamond mines in its $2.2 billion unit if their value increases with shareholders, reports Bloomberg.
The company’s head of diamonds and minerals told the press April 28 that the business unit is complex but it stands on its own since it is fully integrated from mine to market, which makes it an attractive asset on its own.
Rio’s board will make a final decision on a separate listing for the business or on a whole or partial sale based on shareholder value.
The company has 12 sites around the world, in Canada, Australia and Zimbabwe, and it is the third largest producer of rough diamonds.
Deutsche Bank AG said in a report in March they may be worth about $2.2 billion.
Image: file photo
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