Rio Tinto Considers Sale of $2.5B Diamond Mines

Law360, New York (March 27, 2012, 7:13 PM EDT) -- Mining giant Rio Tinto Group announced Tuesday that it is considering selling off its diamond businesses, estimated to be worth about $2.56 billion, in a move that mirrors rival BHP Billiton Ltd's own recently announced divestment plans.

On the potential auction block are three operational mining projects, located in Australia, Canada and Zimbabwe, as well as an advanced project in India. Rio Tinto currently holds all of or a majority stake in each project, all of which are undergoing a strategic review, it said.

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