Rio Tinto Will Close India Bunder Diamond Project to Cut Costs
- Project has been stymied by delays in environmental approvals
- Company plans to work with government on third party takeover
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More than a decade after its discovery, Rio Tinto Group said Monday it will shut the Bunder diamond mine in India by the end of the year, as the world’s second-biggest miner seeks to cut costs and conserve cash.
Bunder remains a top-class diamond deposit and Rio Tinto will work with the federal and Madhya Pradesh state governments to examine options for another investor to take over the project, the company said in an e-mailed statement.