Rio Tinto Unveils Rare Tender of Red and Pink Diamonds

Rio Tinto Unveils Rare Tender of Red and Pink Diamonds

The collection, which boasts 64 exclusive stones, features three fancy red diamonds that weigh a combined 56.28 carats.

Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) has unveiled its 2019 Argyle pink diamond tender. Dubbed “The Quest for the Absolute,” it features extremely rare and vibrant red and pink diamonds.

The glistening gems were recovered from Rio’s famed Argyle mine in Australia, one of the few operations globally that hosts kimberlites that produce red- and pink-hued stones.

The collection of 64 exclusive stones features three fancy red diamonds from the diversified miner that weigh a combined 56.28 carats.

The asset, which officially opened in 1983, is considered to be one of the largest diamond-producing mines by volume.

“These diamonds, each a natural treasure, are a testament to the enormous range and depth of offering from the Argyle ore body, nearly four decades from when production commenced,” Rio Tinto Copper and Diamonds Chief Executive Arnaud Soirat said in a press release.

This particular tender is bittersweet, as Argyle is slated to close sometime in 2020. Over the course of the mine’s life, more than 800 million carats of rough diamonds have been recovered.

The largest pink diamond ever produced at the Australian mine is the Argyle Pink Jubilee, an 8.01 carat diamond unearthed in 2012. The rough diamond weighed in at nearly 13 carats and was subsequently cut and polished into the 8.01 carats it is today.

The rare find is now on display at the Melbourne Museum.

“Rio Tinto’s Argyle mine is the first and only ongoing source of rare pink diamonds in history. With the lifecycle of this extraordinary mine approaching its end, we have seen, and continue to see, unstoppable demand for these truly limited-edition diamonds and strong value appreciation,” Soirat continued.

The collection also includes six hero diamonds, including a 1.48 carat heart-shaped fancy vivid purplish pink diamond.

“The Quest for the Absolute” collection will be on display in Perth, Hong Kong and New York, with bids on the stones closing on October 9, 2019.

Shares of Rio Tinto were slightly flat on Tuesday (July 16), trading at AU$103.25.

Image courtesy of Rio Tinto.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Petratherm Limited Announces Filing of Early Warning Report Related to the Disposition of Common Shares of Outback Goldfields Corp.

Petratherm Limited (ASX: PTR) (“Petratherm”) announces that it has filed an early warning report (the “Report”) announcing that it has disposed of 33,333,333 common shares (the “Disposed Shares”) of Outback Goldfields Corp. (CSE:OZ) (formerly, Skarb Exploration Corp.) (“Outback Goldfields“). Petratherm acquired the Disposed Shares as consideration for the sale of its gold projects located in Victoria, Australia. Unless permitted under securities legislation, Petratherm must not trade the common shares before April 16, 2021. Following the expiry of this restriction period, Petratherm distributed all of the Disposed Shares in specie to its shareholders effective today. Following the disposition of the Disposed Shares, Petratherm holds nil shares of Outback Goldfields.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of the Report by Petratherm.

Keep reading... Show less

AU$4 Billion Galaxy/Orocobre Merger to Create Top 5 Lithium Company

Australia’s Orocobre (TSX:ORL,ASX:ORE) and Galaxy Resources (ASX:GXY,OTC Pink:GALXF) agreed this week to join forces in a AU$4 billion “merger of equals.” The deal comes as demand for lithium for electric vehicle (EV) batteries continues to pick up pace.

Once the merger is complete, the new company will become a top five lithium chemicals company globally — and top three outside of China — with production capacity of around 40,000 tonnes of lithium carbonate equivalent per year.

“The merged entity’s growth opportunities in both brine and hard rock position it uniquely to take advantage of expected rising EV demand for lithium,” Galaxy Chairman Martin Rowley said.

Keep reading... Show less

IIROC Trading Halt – TMRR

The following issues have been halted by IIROC:

Company: Tempus Resources Ltd.

Keep reading... Show less

Cleantech Investing in Australia

Climate change is a looming issue for Australians, with 82 percent concerned about bushfires and 81 percent worried that drought or flooding will affect crop production and food supply.

This is where conscious investors look to the cleantech sector, which covers everything from renewable energy to low-emission technologies to water technology to battery storage and more.

What should investors know about cleantech in Australia before they jump in? Read on for a look at key factors, including market size, the industries encompassed by cleantech and big players to watch.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Becoming a substantial holder

The announcement can be viewed at:
https://www2.asx.com.au/markets/trade-our-cash-market/announcements.gxy

Keep reading... Show less

Top News

Related News