Rio Tinto's mine to be auctioned or allocated
The government will auction or allocate the diamond mine which Rio Tinto is abandoning to a state firm, the mines secretary said on Tuesday. Rio Tinto discovered the Bunder mine in Madhya Pradesh in 2004, which contains about 27.4 million carats of diamonds. Earlier, the miner had announced its decision to exit the project to conserve cash and cut costs.