Rio Tinto Interested in Indian Diamonds, Iron

Bloomberg reported that Sam Walsh, CEO of Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO), is pushing India’s prime minister to develop the country’s first diamond discovery in four decades. He also wants India to set up a $2-billion iron ore project.

As quoted in the market news:

Walsh has spoken with [Prime Minister Narendra] Modi three times in the past six months on the planned $500 million Bunder diamond mine and the Odisha iron ore project in eastern India, he told reporters today in New Delhi. Talks have also focused on the prospects of uranium exports to India and on coal mining opportunities, Walsh said.

‘We’re waiting for approvals, forestry and environment approvals, which I am hopeful will come through in the near term,’ Walsh said, referring to the Bunder project.

Click here to read the full Bloomberg report.