Rio Is Hunting Deals, Discoveries for ‘Beautiful’ Diamonds Unit
- Miner joins De Beers in M&A search as market seen improving
- Natural diamonds market set for undersupply, Rio unit CEO says
This article is for subscribers only.
Two of the world’s top diamonds producers are both shopping for deals, with Rio Tinto Group following De Beers in hunting for projects to replace aging operations and position for an improving global market outlook.
Rio is actively looking for more acquisitions after making a small investment in a project in Canada last year, Arnaud Soirat, chief executive officer of its copper and diamonds unit, said in an interview in New York. “Our approach is very pragmatic. We are not looking for volumes, we are looking for value,” he said.