Rio Tinto is to spend $803m to construct an underground mine at Argyle in Western Australia under a plan it authorised in 2005 then froze when the financial crisis hit.
The move is the latest sign of the bullish market outlook for diamond prices prompted by booming jewellery demand in Asia.
Rio, the Anglo-Australian mining group primarily focused on iron ore, copper and coal, has a diamond business that is sometimes overlooked in spite of being the third biggest in the world after industry leaders De Beers and Alrosa.
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