RioZim Seeks Control of Rio Tinto Diamond Mine

Mining Weekly reported RioZim, a spin-off of Rio Tinto (NYSE:RIO,ASX:RIO) is seeking to gain full control of its shared diamond mine in Zimbabwe.

As quoted in the market news:

Rio Tinto has a 78% stake in Murowa, a diamond mine which produced 324 000 ct in the last financial year, while RioZim controls 22% of the mine.

Locally-owned RioZim was created in 2004 when Rio, the world’s third largest miner, largely left Zimbabwe while retaining its diamond interest.

RioZim is keen to exercise its pre-emptive rights to acquire Rio Tinto’s shares in Murowa, Harpal Randhawa, whose private equity group Global Emerging Markets (GEM) recently bought 25% of the Zimbabwean firm, told an investment conference in Harare.

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