Bloomberg reported Rio Tinto Group (NYSE:RIO) said its plan to sell diamond assets is “well advanced.”
As quoted in the market news:
Rio is “looking at multiple options” for its diamonds division, Chief Financial Officer Guy Elliott told reporters yesterday on a conference call from London.
Mining companies, including BHP Billiton Ltd. (BHP), the world’s biggest, are shedding less-profitable assets as declining prices and increasing costs trim earnings. Rio, which reported a 34 percent drop in underlying profit to $5.2 billion yesterday on lower prices, may study more sales, Elliott said.