Byron sell all your lom shares and put your millions of profit you claim you have got because of the great lom into ozl or pna and do it quick :-)
Diamonds not forever for Rio Tinto Peter Ker March 27, 2012 - 12:33PM Diamonds are increasingly friendless among the world’s big miners, with Rio Tinto following BHP Billiton’s example and investigating an exit from the precious stones sector.
Rio Tinto said this afternoon that it would review its diamond business and would consider divesting its three mines, including the Argyle diamond mine in Australia’s Kimberley Region.
Unlike the aluminium and nickel businesses that the major miners are struggling to make profits from, diamonds continue to be profitable, but the sector tends to be small and the big miners appear to think their efforts are better focused on larger scale commodities.
Advertisement: Story continues below Rio’s diamonds spokesman Harry Kenyon-Slaney stressed that diamonds were far from a struggling sector.
“The diamonds market outlook is very positive, with demand growing strongly and lack of new discoveries limiting supply. We have a valuable, high quality diamonds business, but given its scale we are reviewing whether we can create more value through a different ownership structure,’’ he said.
Rio’s other two mines are in Zimbabwe and Canada and they have an interest in a diamond project in India.
BHP revealed late last year that it wants to exit the diamonds business, and is still seeking a buyer for its Ekati mine in Canada.
OZL Price at posting:
$9.63 Sentiment: None Disclosure: Not Held
