Rio Tinto considers selling its diamond business

Leading mining company Rio Tinto is considering to exit from the diamond business, with the intent to focus more on profitable commodities such as iron ore, copper and uranium, reports say. The company operates three diamond mines – its fully owned Argyle mine in Australia reputed globally for its pink diamonds. Rio Tinto also owns 60 percent in the Diavik mine in Canada and 78 percent-in the Murowa mine in Zimbabwe, and is considering a sale of all of its three stakes.

Reports further suggest that the mining giant’s diamond business could come on the market at the same time as BHP Billiton attempts to sell its Ekati diamond mine in Canada.