Court Allows Rio Tinto To Sell Dominion Rough

Mining and Exploration
18/11/2020 06:54

A Canadian court has granted Rio Tinto's Diavik subsidiary the permission to sell the rough stones from the troubled Dominion Diamond Mines, partner in the Diavik mine, which Rio Tinto was holding to recoup US$90+m in debts, unpaid cash calls to operate the mine. Any excess revenue from the sale is to be paid to Dominion, the court stipulates, however Rio Tinto now argues in an appeal that the original estimated value of the rough, mentioned in the court decision is too high and doesn't take into account costs for marketing and selling the goods.