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Rio Tinto disposes off another mine

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HARARE, Dailynews(Aug 23, pg 11) – Global resources giant  Rio Tinto  said it will shut its Bunder diamond mine in central India by the end of  the year as it seeks to cut  costs and conserve cash. Bunder remains top class diamond deposit  and Rio  Tinto  will work with federal  and Madhya Pradaesh state government   to examine options  for another  investor to take over the project .Rio’s exit  leaves it  with two working  diamond projects-the Argyle mine in west Austria and the Diavik mine in Canada’s north west  territories after the world’s second largest miner disposed its Murowa diamond mine in Zimbabwe in 2015.However the deal is now under probe after it emerged  that local regulatory   and listing  requirements were violated  when Rio-Tinto disposed its 78% stake  in Murowa for  a paltry 19mln to a virgin island-resisted firm, RZ Murowa holdings.

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