As reported previously Rio Tinto plans to sell its world-wide diamond mines, yet news has it that the suggested float of the company has become firmer in recent days.
One of the interested parties has confirmed that its interests lie only in the DIAVIK DIAMOND MINE, in Canada's Northwest Territories. Canada's Dominion Diamond Corporation, a partner with Rio Tinto in Diavik, and holding just 40%, have stated that they wish to purchase the 60% stake that Rio Tinto have in the mine and no more, as the Argyle mines in Australia, 'are just too distant for a company of its size to consider.' Dominion recently became 'top-dog' of the Canadian diamond industry, after acquiring BHP Billiton's 80% stake in the Ekati diamond mine, also in the Northwest Territories.
Diavik Mine ~ Northwest Territory of Canada
Bob Gannicott, Chairman and Chief Executive of Dominion said that Dominion are entirely focussed on the Northwest Territory of Canada, being a place they know and understand. Nevertheless, Rio is keeping its options open. The preferred option would be to sell the company in its entirety, but would certainly consider fragmenting the business if sale of the parts brings a greater return. Watch this space for more news of the sale of the iconic Rio Tinto mines!
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