HomeDiamonds & GemstonesRio Tinto sells 78% stake in Murowa Diamonds and exits Zimbabwe

Rio Tinto sells 78% stake in Murowa Diamonds and exits Zimbabwe

Zimbabwe – Rio Tinto has completed the sale of its 78% interest in its Zimbabwe-based Murowa Diamonds and 50% interest in Sengwa colliery to RZ Murowa Holdings.

This could be the result of recent news indicating that Zimbabwe’s diamond industry will soon be controlled by one firm as top government officials behind the country’s major diamond mining companies push forward with their merger.

The Murowa Diamonds open pit
The Murowa Diamonds open pit

RioZim, an independent Zimbabwean mining company listed on the Zimbabwean Stock Exchange already holds a 22% interest in Murowa Diamonds and a 50% interest in Sengwa and will assume the overall management of both entities.

Rio Tinto believes that the future of these assets can be best managed by entities with existing interests in Zimbabwe.

Rio Tinto Diamonds and Minerals chief executive Alan Davies says, “Rio Tinto remains committed to the diamond industry and is focused on operating its two world-class underground mines whilst obtaining the approvals for its advanced diamond project in India.”

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