Business

Rio Tinto explores diamond mines sale

Rio Tinto has said it will explore selling its interests in the diamond trade.

The world's second-largest miner of iron ore said that it is considering "whether we can create more value through a different ownership structure".

Rio Tinto operates diamond mines in Canada, Zimbabwe and one in Australia - where last month it found the world's biggest pink diamond.

No deal is imminent, it said.

The Anglo-Australian company also operates an advanced diamonds project in India, which creates diamond composites for industrial use.

"The diamonds market outlook is very positive, with demand growing strongly and lack of new discoveries limiting supply," said Rio Tinto executive Harry Kenyon-Slaney.

"We have a valuable, high-quality diamonds business, but given its scale we are reviewing whether we can create more value through a different ownership structure."

"This process may take some time," he added.

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