Rio Tinto to Spend $500 Million on Diamond Project in India

MINING.com reported that Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) plans to invest $500 million in its Bunder diamond mining project in the state of Madhya Pradesh, India.

As quoted in the market news:

Rio found the massive deposit in rural India, the most important diamond discovery in the country in the last 40 years, back in 2004. But it wasn’t until 2012 that it got an initial approval to develop the mining project, which is now just waiting for environment and forests clearances.

Rio Tinto Diamonds managing director Jean-Marc Lieberherr said last month the firm wanted to be the main player in the industry in India, driving the sector’s growth in years to come.

Click here for the full MINING.com report