Rio Tinto Considering Selling Diamond Assets

Bloomberg reported Rio Tinto Group (TSX:RIO,ASX:RIO) is planning to sell its diamond assets the mines may no longer fit its strategy.

As quoted in the market news:

The review comes after Rio last month took a $344 million one-time charge for the diamond business to reflect higher costs for the $2.1 billion expansion of the Argyle mine. The company, which last year generated 78 percent of its net income from iron ore, is expanding output of the steelmaking raw material in Australia’s Pilbara region by more than 50 percent by next year.

Click here to read the full Bloomberg report.