Rio Tinto has announced that it is giving away its Bunder diamond project in India to Government of Madhya Pradesh “after a comprehensive review”, according to the company.
In August 2016, Rio Tinto announced it would not proceed with the development of Bunder due to commercial considerations and would be seeking to close all project infrastructure. Under a Government of Madhya Pradesh order signed in January 2017, the Government will accept ownership and take on responsibility for the Bunder assets.
Rio Tinto Copper & Diamonds chief executive Arnaud Soirat said: “Our exit from Bunder is the latest example of Rio Tinto streamlining its asset portfolio. It simplifies our business, allowing us to focus on our world-class assets. We believe in the value and quality of the Bunder project and support its future development, and the best way to achieve that is to hand over the assets to the Government of Madhya Pradesh”.
