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Govt may auction 27.4 million carats of abandoned diamonds

The Bunder deposit, about 500 km (300 miles) southeast of New Delhi was discovered by Rio Tinto in 2004

Reuters  |  New Delhi 

India will auction a diamond project that global miner Rio Tinto is abandoning, or allocate it to a state firm, the mines secretary said on Tuesday, adding that the government would move fast to tap the resource. The Bunder deposit, about 500 km (300 miles) southeast of New Delhi and discovered by Rio Tinto in 2004, is estimated to contain about 27.4 million carats of diamonds potentially worth billions of dollars. But Rio Tinto said this month it would pull out of the project by the end of the year to conserve cash and cut costs. A spokesman for the company said it has spent ...

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First Published: Tue, August 30 2016. 18:43 IST
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