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Rio Tinto Invests in Indian Diamond Mining

India will soon approve a diamond mining lease for Rio Tinto, according to a report published Sunday in The Australian. According to the piece, India has been looking for global miners to investment in its mineral wealth, as only 10 percent of the country has presently been explored.

An unnamed senior official at the federal mines ministry told newspaper that Rio Tinto - through its Rio Tinto Exploration India unit - plans to invest 22 billion rupees ($532 million) in the Bunder diamond mining project in the central state of Madhya Pradesh.

Production is tentatively slated to begin in 2016 and the Madhya Pradesh government had already recommended the mining lease. The mines ministry is expected to give its approval within two weeks, the official said.

The lease would be Rio Tinto's first for diamond mining in India.