Indian Government to mine diamonds?????

[Garry H (Cut Nut)]

Exclusive: India's NMDC lined up to mine multibillion-dollar diamond deposit

State-owned Indian miner NMDC <NMDC.NS> is poised to win a multibillion-dollar contract to explore and mine diamonds at a large project abandoned by global miner Rio Tinto <RIO.L>, a leading local government official told Reuters.

www.reuters.com

(Reuters) - State-owned Indian miner NMDC (NMDC.NS) is poised to win a multibillion-dollar contract to explore and mine diamonds at a large project abandoned by global miner Rio Tinto (RIO.L), a leading local government official told Reuters.

No idea why they would not take money from rio given they actually know how to mine.
They do not have a dozen women sitting on the floor picking diamonds out of the gravel.

 

[Karl_K]

Thats one way to force the permits through I guess.
"The company had plans to invest up to $500 million but pulled out of the project after legal battles with green activists and delays in obtaining environmental permits. "

 

[OoohShiny]

Given Rio Tinto's expertise and history in mining, I personally would have thought that if they couldn't make a mine work, no-one could!

EDIT: Posted without reading the link - lazy!! Going from Karl's comments, looks like they were going to start but changed their mind, in which case my comment above is irrelevant!

 

[Karl_K]

Given Rio Tinto's expertise and history in mining, I personally would have thought that if they couldn't make a mine work, no-one could!

EDIT: Posted without reading the link - lazy!! Going from Karl's comments, looks like they were going to start but changed their mind, in which case my comment above is irrelevant!

Remember I have been talking about known deposits not being allowed to be mined over environmental issues.
This has been one such example up until now.
There are others in different countries even some more in India.
It will be interesting to see if they force it through.
Is it a good thing if they do??

 

[Texas Leaguer]

Remember I have been talking about known deposits not being allowed to be mined over environmental issues.
This has been one such example up until now.
There are others in different countries even some more in India.
It will be interesting to see if they force it through.
Is it a good thing if they do??

If they are smart they will make environmental issues a piece of their value proposition, along with chain of custody / provenance.

I do find it interesting how many $ billions are being invested in these fields that have been previously mined. Looks like the big money is betting that synthetic diamonds will not significantly encroach on mined product.

 

[Garry H (Cut Nut)]

Not so sure Brian.
I have invested in a great prospect and we can not get enough funding. And there are no enviro or Aboriginal issues.

I think the concept of man made diamonds is holding back natural diamond investments.