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| Name | Symbol | Market | Type |
|---|---|---|---|
| Rio Tinto Plc | NYSE:RIO | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.34 | 0.50% | 68.17 | 690 | 11:36:33 |
From May 2019 to May 2024
By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC will gift its halted Bunder diamond project in India to the government of Madhya Pradesh state, the company said.
Rio Tinto in August said it wouldn't go ahead with the development of the Bunder site, citing commercial considerations, and on Tuesday said it has made the decision to hand the site to the state government following a comprehensive review.
"Our exit from Bunder is the latest example of Rio Tinto streamlining its asset portfolio" to focus on the biggest and most profitable operations, its copper and diamonds chief executive Arnaud Soirat said in an emailed statement.
The Anglo-Australian miner said that, in addition to the land, infrastructure and equipment at the site, it will give the government diamond samples recovered during exploration. "This approach will assist the government to package the assets if it were to proceed with an auction process for the Bunder mineral rights," Rio Tinto said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 07, 2017 00:19 ET (05:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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