Rio Tinto Happy to Keep Diamond Unit, CEO Says

Rapaport reported that in his first interview since taking over the reins at Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO), Sam Walsh, the company’s CEO, said he would be “quite happy” to keep the company’s diamond unit and instead focus on cutting costs elsewhere.

As quoted in the market news:

Recent media reports indicated that following unsuccessful attempts to attain a compelling offer from an outside buyer, the company was looking to float its diamond division on the London Stock Exchange. The offering was speculated to take place as early as the third quarter this year as part of an effort at Rio Tinto to divest from its under performing and non-strategic assets.

Click here to read the full Rapaport report.