Mining giant Rio Tinto has decided to close its diamond mine project in the Indian state of Madhya Pradesh, faced with obstacles from the "green".
In a statement issued August 19, 2016 press-secretary of Rio Tinto, said: "As part of its continuing efforts to increase shareholder value by maintaining cash and further reduce the Rio Tinto spending decided not to continue its project Bander (Bunder) India . Accordingly, we will strive to close the entire project infrastructure by the end of 2016. Rio Tinto firmly believed that Bander relates to a high-quality deposits. The company will now work with the [Government of India / Federal Government] and the State Government of Madhya Pradesh and is currently considering options for connecting third-party investor to carry forward the development of the project. Rio Tinto remains committed to the diamond business and the Indian diamond industry, relying on its two world-class underground mine in Australia and Canada. Rio Tinto maintains its commitment to India as an important market for our metals and minerals and as a key global center for the joint provision of services offered by Rio Tinto. We expect to expand our presence to support our global operations in the future. As part of these changes, Rio Tinto will offer contractors working at the site, participate in the scheme to terminate contracts on a fair basis. "
Joint Stock Company "ALROSA" (PJSC), the largest in the world in terms of diamond production, as an official partner to take part in the Second Eastern Economic Forum 2-3 September 2016. This was reported in a press release received by Rough & Polished.
East Economic Forum held annually in the city of Vladivostok on the basis of the Decree of the President of Russian Federation Vladimir Putin. Forum aims to promote the accelerated development of the economy of the Far East and the expansion of international cooperation in the Asia-Pacific region.
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Huso Investments, which intends to buy Trustco Holdings, is engaged in the creation of an unnamed joint venture for the geo-economic evaluation, development and exploration of deposits of diamonds in Sierra Leone.
Namibia Economist reports that Huso Investments has not yet become part of Trustco Namibia, since the transaction is pending approval of shareholders.
"While the deal Huso has not yet been closed, the company wishes to inform the shareholders about the beginning of the advanced stage of negotiations with the target company in Sierra Leone regarding a potential partnership for the geo-economic evaluation, development and exploration licenses for diamond deposit. The license was obtained in June 2015 ", - stated in a statement to shareholders Trustco.
"If Huso and the target company will be satisfied with the results of an independent audit, they will make every effort to negotiate and come to a final agreement," - added to the company.
Trustco awaiting the results of a comprehensive audit within 15 working days.
Huso has stakes in companies in diamond cutting in Namibia.
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