Rio Tinto to invest $2.5 billion in two projects in India

Highlights: 

  • Global mining giant Rio Tinto will invest $2 billion to set up an iron ore project in Odisha and another $500 million on a diamond mine in Madhya Pradesh.
  • An iron ore project in Odisha with a $2 billion investment potential and a half a billion dollar investment in Madhya Pradesh in diamonds.
  • The projects are, however, stuck as the company has not yet got environment clearance.
  • Mr. Walsh stated that he had talks with Prime Minister Narendra Modi on the planned $500-million investment in Bunder diamond mine in Madhya Pradesh.
  • The company claims that once developed, the Bunder mine is expected to place Madhya Pradesh in the top ten diamond producing regions of the world.
  • Rio Tinto has a proven record of world-class diamond exploration success.
  • The most advanced exploration project is at Bunder in Madhya Pradesh where Rio Tinto has discovered a cluster of eight diamondiferous pipes.