Business

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.

Queensland has one of hottest August nights on record

You probably didn't need any blankets last night.

Minimum temperatures across the state in double digits

Why do more rural areas have cheaper fuel than us?

RACQ says Sunshine Coast motorists are being ripped off at the petrol pump.

Why is the fuel so cheap in some places, but so expensive here?

'Undesirables' targeted in Ipswich CBD police blitz

Police staffing levels in the mall is high. Photo: Rob Williams / The Queensland Times

Almost 1000 people spoken to in four weeks

Latest deals and offers

Marvel-ous: Thor actors visit sick kids at Lady Cilento

CHRIS Hemsworth and Tom Hidleston aka Thor and Loki have surprised young patients at Lady Cilento Children's Hospital.

Queensland has one of hottest August nights on record

You probably didn't need any blankets last night.

Minimum temperatures across the state in double digits

Why do more rural areas have cheaper fuel than us?

RACQ says Sunshine Coast motorists are being ripped off at the petrol pump.

Why is the fuel so cheap in some places, but so expensive here?

'Undesirables' targeted in Ipswich CBD police blitz

Police staffing levels in the mall is high. Photo: Rob Williams / The Queensland Times

Almost 1000 people spoken to in four weeks

You won't believe what's happening at the Lions

Lions Club Richlands has started a $12m redevelopment.

VIDEO: $12 million redevelopment will change face of sporting club

70-year-old truckie charged with causing fatal crash

Police generic, crime scene.  Photo Tessa Mapstone / South Burnett Times

Police have laid charges over a Peak Crossing crash

Patti Smith confirmed for Bluesfest 2017

CONFIRMED: US singer Patti Smith performing in Switzerland last year.

Find out who else in the first line up announcement

Folk singer looking forward to her Gympie Muster debut

Alternative country folk singer Fanny Lumsden will perform at the Gympie Muster.

FANNY Lumsden to serenade new fans with her country hall-style show.

Patti Smith confirmed for Bluesfest 2017

CONFIRMED: US singer Patti Smith performing in Switzerland last year.

Find out who else in the first line up announcement

Angie and Yvie ready to toast The Bachelor on Gogglebox

Angie and Yvie in a scene from the TV series Gogglebox.

ALL the regulars return in TV show about people watching TV.

Five new things to see and do at this year's Muster

There's already plenty of fun to be had at the XXXX bar.

Here are five new things to see and do at this year's Gympie Muster

You are going to Falls for this music line-up

CONFIRMED: Local artist Bernard Fanning is part of the line up for Falls Festival Byron Bay.

The line-up and ticket purchase details have been announced.

Rio 2016: So how many watched, tweeted it?

Jessica Fox in action during the Rio Games.

Tweets about #Rio2016 were viewed a staggering number of times

$100m plan for Curtis Island 'world class' luxury resort

$100 million resort: Top views at Turtle Street at Curtis Island.

"At the moment we think it meets all the town planning approvals.”

Coast building approvals at seven-year high: report

The the 2015/16 Development Indicators Annual Highlights Report documents local development activity that took place during the last financial year.

New report shows increasing development on the Sunshine Coast

Top honours for Mackay and Whitsunday builders

The Kerrisdale Gardens property from Paynter Dixon Queensland which won them Project of the Year.

Mackay and Whitsunday builders awarded top honours last night.

Investors eye Gladstone's $4m island with resort approval

UP FOR SALE: Turtle Island is on the market.

CHINESE and Sydney investors flag interest in Gladstone island.

Developer announces plans for prime 1.2km beach frontage

An artist's impression of the development.

Developer announces plans for 1.2km beach frontage

Take a sneak peek at this $19m Whitsunday mansion

Mandalay House features a private helipad.

Mandalay is currently on the market with an asking price of $19m