Rio Tinto Plc seeks court approval for sell of partner's share of diamonds

  • Rio Tinto Plc (LON: RIO) a global miner has sought court authorization to sell its partner's share of diamonds from a mine in Northwest Territories of Canada.
  • The company hopes to recover around C$120 million, plus legal fees and other costs with the sale.
  • Rio Tinto which is the major partner of Diavik Diamond Mines Inc, owning 60 per cent, has said that the junior partner Dominion Diamond ULC owes them C$119.5 million, plus around C$2.4 million in fees.
  • A court hearing on the application is scheduled in Calgary, Alberta on 30 October 2020. Rio has though made it clear that they will not bid on the minority interest.
  • On 26 October 2020, the stocks of the company declined by 1.31% from its previous closing, hovering at around GBX 4,518.00 at 08:10 AM GMT+1.

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