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Aug 27, 2012, 03.39 PM IST
CNBC-TV18 exclusively reports that Rio Tinto is keen on opening its diamond mine in Madhya Pradesh and is undeterred by the economic environment in India.
India has a degree of complexity that we haven't experienced in other regions
Madhya Pradesh could get a new USD 500-million diamond mine courtesy Rio Tinto. The global mining major is all set to develop a diamond mine at Bunder in Madhya Pradesh and is likely to start commercial production from 2016.
Rio Tinto managing director Bruce Cox spoke exclusively to CNBC-TV18 and said that though the regulatory environment in India was not very conducive, it was not reason enough to deter the company from its plans in India.
"India has a degree of complexity that we haven't experienced in other regions. But it is not something that would stop us investing our time and effort and energy. We are very keen on the success of Bunder and I am very sure that we will make that happen. I must say that the government of Madhya Pradesh has been extraordinarily supportive and they have been doing everything to assist us to make a success of the mine at Bunder, ” explained Cox.
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