Rio plans to sell diamond mines

Rio Tinto's Argyle mine.
Rio Tinto's Argyle mine. Contributed

RIO Tinto yesterday declared diamonds aren't forever as it put its mining operations for the precious gemstone up for sale with an expected price of $2bn.

The world's third biggest mining group's decision follows that of BHP Billiton to withdraw from diamond mining in favour of more profitable, albeit prosaic, minerals like iron ore, copper and uranium. Prices of the girl's best friend have fallen sharply since last summer amid concerns about the eurozone crises crimping demand.

Bidders could include private equity firm KKR and US jeweller Harry Winston.

Rio has three diamond mines in Australia, Canada and Zimbabwe and said it was "reviewing" the division - corporate speak for seeking takeover bids.

Among the mines are the Argyle mine in Australia - famous for its pink diamonds.

"We have a valuable, high quality diamonds business, but given its scale we are reviewing whether we can create more value though a different ownership structure," said Rio's diamonds and minerals chief executive Harry Kenyon-Slaney.

The price could be affected by BHP's decision to put its Ekati diamond mine up for sale in Canada.

Topics:  rio tinto

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Former Scout leader pleads guilty to child porn charges

Brock Dittman.

Brock Emil Dittman pleaded guilty to accessing child porn.

Dreamworld: This tragedy won't stop us going back

"Dreamworld still has my support 10000% percent."

Sophie Collombet murderer: "I'm a bit of a sex addict"

French student Sophie Collombet.

Benjamin James Milward, 28, dumped body of French student near river

Local Partners

Jake left broken-hearted by Bachelorette break-up

Jake Ellis is one of the final three bachelors on The Bachelorette.

GEORGIA chooses Lee and Matty J as her final two suitors.

MOVIE REVIEW: Doctor Strange is out there in a good way

Benedict Cumberbatch in a scene from the movie Doctor Strange.

MARVEL'S new superhero takes viewers along on his mind trip.

MOVIE REVIEW: Jack Reacher sequel falls flat

Tom Cruise in a scene from the movie Jack Reacher: Never Go Back.

THE film's title Never Go Back should serve as a warning to fans.

The Bachelor contestants find love with each other

Former Bachelor contestants Megan Marx and Tiffany Scanlon have confirmed their relationship on social media.

MEGAN Marx and Tiffany Scanlon confirm relationship on Instagram.

Liam Payne wants to wed Cheryl Fernandez-Versini

Cheryl Fernandez-Versini and Liam Payne

Liam Payne reportedly wants to marry Cheryl Fernandez-Versini

Bindi Irwin 'honoured' to make MAXIM HOT 100 list

Wildlife Warrior named among Australia's most beautiful women

Tough times in CBD: Woolies says goodbye Ipswich

Woolworths in the Ipswich Mall.Photo: Rob Williams / The Queensland Times

The last day of trading will be January 1

Look at me! Kath and Kim home up for sale

Kath and Kim from the iconic Aussie TV series.

'Crack open the Baileys and grab a box of BBQ Shapes'

How to fit 100,000 new homes on the Coast

Property, real estate, housing, suburb,  August 2016

Fitting 2m extra people in south-east Qld in 25 years a balance

Hinterland horse stud passed in for $8.25 million

UNREAL: This Maleny estate is incredible.

12-bedroom hinterland horse stud still available

Hit songwriter's Noosa mansion on market

SPECIAL PLACE: The Cintamani estate is going to tender, marketed by Tom Offermann Real Estate.

Is this Queensland's best property?

Kiwi siblings snap up Dotcom mansion for $32.5m

The new toy company owners of the Coatesville mansion want replace any controversy with positivity and fun. Photo / Barfoot and Thompson

The trio paid $32.5 million for the property in June