Rio Tinto has followed rival BHP Billiton by putting its diamond business on the block, as the biggest mining groups try to prune their portfolios to focus on their highest quality assets.
The mining group yesterday said it was reviewing the future of its three diamond mines in Australia, Canada and Zimbabwe as well as a development project in India. The review will look at several options, including a trade sale and a flotation.
Despite a favourable outlook for the stones, BHP in November also said it was reviewing the future of its Ekati diamond mine in Canada.
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