Rio Tinto plans investing in diamond project in India

Looks at investment of $500 million
Rio Tinto plans investing in diamond project in India

Rio Tinto plans to invest in exploring India’s resources in iron ore and diamonds, for which it is considering an investment of $2 billion to set up an iron ore project in Odisha and $500 million for a diamond mine in Madhya Pradesh, as per reports.

Also, the company has held talks in this regards with Indian Prime Minister Mr. Narendra Modi, reports say. The company is noted to state that they have ‘potential for these two projects’, reports say. Government approvals from forestry and environment are awaited to further the projects, reports add.

Rio Tinto has already received the “in-principle approval to the issue of a mining lease” for the Bunder diamond project via a ‘Letter of Intent’ from the Madhya Pradesh Government, reports say. Also, it has discovered eight diamondiferous pipes in the region.


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