Rio Tinto to gift Bunder project to Government of Madhya Pradesh

05e10 sizedownsmall Rio Tinto to gift Bunder project to Government of Madhya Pradesh05e10 sizeupsmall Rio Tinto to gift Bunder project to Government of Madhya Pradesh
 Rio Tinto to gift Bunder project to Government of Madhya PradeshRio Tinto has decided to gift the Bunder diamond project in India to the Government of Madhya Pradesh
after a comprehensive review. Under a Government of Madhya Pradesh order signed in January 2017, the Government will accept ownership and take on responsibility for the Bunder assets.

The company had announced in August 2016 that it would not proceed with the development of the project due to commercial considerations and seek to close all project infrastructure.

With the decision to gift the project to the state government, the inventory of assets and associated infrastructure handed over to the Government comprises all land, plant, equipment and vehicles at the Bunder project site. The inventory will also include diamond samples recovered during exploration. This approach will assist the Government to package the assets if it were to proceed with an auction process for the Bunder mineral rights.

Rio Tinto Copper Diamonds chief executive Arnaud Soirat said “Our exit from Bunder is the latest example of Rio Tinto streamlining its asset portfolio. It simplifies our business, allowing us to focus on our world-class assets. We believe in the value and quality of the Bunder project and support its future development, and the best way to achieve that is to hand over the assets to the Government of Madhya Pradesh.” He further noted that, “Rio Tinto has long and enduring ties with India and we continue to see the nation as an important market for our metals and minerals and as a key hub for Rio Tinto’s business services.” The company noted it remains committed to its diamond business and the Indian diamond industry and holds a strong partnership with the Indian diamond industry, with more than
250,000 diamond cutters and polishers employed in processing Rio Tinto diamonds.



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