{"id":9374,"date":"2012-03-28T03:35:51","date_gmt":"2012-03-28T01:35:51","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-4-diamonds-not-forever-rio-tinto-may-sell-business\/"},"modified":"2012-03-28T03:35:51","modified_gmt":"2012-03-28T01:35:51","slug":"update-4-diamonds-not-forever-rio-tinto-may-sell-business","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-4-diamonds-not-forever-rio-tinto-may-sell-business\/","title":{"rendered":"UPDATE 4-Diamonds not forever: Rio Tinto may sell business"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Diamonds arm could fetch around $2-$2.4 bln – analysts<\/span><\/p>\n

<\/span><\/p>\n

* Competing against BHP’s diamonds sale<\/p>\n

<\/span><\/p>\n

* Diamonds business not big enough for Rio Tinto<\/p>\n

<\/span><\/p>\n

By Sonali Paul and Clara Ferreira-Marques<\/p>\n

<\/span><\/p>\n

MELBOURNE\/LONDON, March 27 (Reuters) – Rio Tinto,
\nthe world’s third-largest miner, effectively invited bids on
\nTuesday for its diamonds business, on its books at $1.2 billion,
\nand joined BHP Billiton in a retreat from an industry
\nthat has lost its sparkle for mining majors.<\/p>\n

<\/span><\/p>\n

Rio Tinto, which runs three mines in Australia,
\nCanada and Africa, said it was reviewing its diamond business
\nand would consider selling it, as it focuses on expanding in
\nmore scaleable and profitable commodities such as iron ore,
\ncopper and uranium.<\/p>\n

<\/span><\/p>\n

Its diamond business — the 100 percent-owned Argyle mine in
\nAustralia, famous for its pink diamonds, as well as 60
\npercent-owned Diavik mine in Canada and 78 percent-owned Murowa
\nmine in Zimbabwe — comes on the market at the same time as BHP
\nBilliton tries to sell its EKATI diamond mine in Canada.<\/p>\n

<\/span><\/p>\n

“It’s a great business in terms of diamonds, but I think
\nthat in terms of the scale, it ceased to have the meaningful
\nplace (for Rio) that it used to have, so we are looking at a
\nnumber of options, including selling,” Rio Tinto Chief Financial
\nOfficer Guy Elliott told the Reuters Mining and Metals Summit,
\nhours after the review was announced.<\/p>\n

<\/span><\/p>\n

He said Rio had not yet made any decision about how it could
\nsell the assets or what ownership structures it would consider.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Diamonds arm could fetch around $2-$2.4 bln – analysts * Competing against BHP’s diamonds sale * Diamonds business not big enough for Rio Tinto By Sonali Paul and Clara Ferreira-Marques MELBOURNE\/LONDON, March 27 (Reuters) – Rio Tinto, the world’s third-largest miner, effectively invited bids on Tuesday for its diamonds business, on its books at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-9374","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=9374"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9374\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}