Rio Tinto sells Murowa Diamond Mine and Leaves Zimbabwe

The Murowa Diamonds mine.

(Image archives)

Cecilia Jamasmie of

Mining giant Rio Tinto (LON:RIO) is leaving Zimbabwe after agreeing to sell its 78% stake in the Murowa Diamonds mine and its 50% holding in the Sengwa Colliery mine to its former local unit, RioZim Ltd.

"Rio Tinto believes that future of these assets can be best managed by entities with existing interests in Zimbabwe," the world’s second-largest miner said Friday.

The move doesn’t mean that Rio Tinto is giving up on diamonds, Alan Davies, head of the diamond and mineral unit, said in a statement.

“Rio Tinto remains committed to the diamond industry and is focused on operating its two world-class underground mines whilst obtaining the approvals for its advanced diamond project in India,” Davies noted.

Read full article here...