Subscribe

feed image

Data


Module by: CoreTemplate and StockTrader
Module by: CoreTemplate and StockTrader

Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

>> Take a Visit

INSIGHT

Yemen gas: disturbing questions asked
The prospect of increasing Yemeni terrorism must be recognised.Read more...
Falklands: Dispute helps both British and Argentine leaders
But the crisis may well play into the political posturing of equally embattled United Kingdom Prime...Read more...
Kurdish oil: Getting left behind
Kurds push for oil law with Baghdad amid south’s sudden bright future.Read more...
Libyan oil: Not so sweet anymore?
Scant oil and gas claims and continued Government fiasco's are making Libya a less attractive...Read more...
Iran energy sanctions: Islamic republic unfazed
US lawmakers are toughening their stance on Iran’s energy industry with new economic penalties,...Read more...

Company News

British Land: New appointment in retail

British Land today announces a change to the responsibilities within its senior management team.


+ Full Story
Other Company News
Home Markets Market 2008 Rio Tinto to boost Zimbabwe diamond output

£200 Trading Bonus

Rio Tinto to boost Zimbabwe diamond output PDF Print E-mail
Written by Will Peters   
Monday, 08 February 2010 12:57

Diversified miner says diamond output from their Murowa mine in Zimbabwe could be boosted 7 fold. Rio Tinto apparently unfazed by woes besetting ACR on their Marange claim.

________________

Rio Tinto (LON:RIO) is set to invest some US$200 million into their Zimbabwean diamond operations.

Rio Tinto made the announcement after saying they will seek to boost production by 7 fold.

Speaking at a mining conference in South Africa, Rio Tinto diamonds and minerals chief executive officer (CEO), Harry Kenyon-Slaney, pledged his support for the project and said the company would continue to support the Zimbabwe operation.

"It's a diamond operation that we discovered and one that has good quality diamonds," Kenyon-Slaney said.

Murowa’s production fell 53 percent to 97,000 carats in 2009, according to a recent Rio Tinto report.

The group holds a 78 percent stake in the operation.

The Rio Tinto boss said the resource at Murowa provided capacity to increase production by up to seven times.

"We are encouraged by the progress made by the inclusive government over the last year and the improvement in the socioeconomic environment of the country," Kenyon-Slaney said.

The group is expanding operations at the mine in an exercise expected to cost about US$200 million.

The Rio boss also commended the progress made by the country’s coalition government in improving the operating environment for investors.

Diamonds are currently a hot topic in Zimbabwe, however much of the focus has recently been falling on the Marage diamond fields located in the eastern province of Manicaland.

African Consolidated Resources (LON:AFCR), the London listed company that discovered diamonds in the area, has been fighting a protracted battle with the government in the countries courts after being thrown off the claim in 2007.

The Kimberley Process is also yet to back diamonds coming out of the area until humanitarian concerns are dealt with.

Diamond resources at Murowa were discovered in 1997 and the mine, which now employs 325 people, was commissioned in 2004.

Rio Tinto has to date operated unhindered on the claim.


Last Updated ( Monday, 08 February 2010 13:00 )