Rio Tinto to invest for diamond exploration in MP

British mining major Rio Tinto will be investing Rs 370 crore (Rs 3.7 billion), for exploration and mining of diamonds in Madhya Pradesh's Bunder town, over the next three years, a senior State Government official on Monday said.

The Madhya Pradesh Government and Rio Tinto will be signing a Memorandum of Understanding soon for the same, Madhya Pradesh's Additional Chief Secretary (Commerce,Industry and Employment) Satya Prakash told reporters on the sidelines of ASSOCHAM event here.

Rio Tinto was given prospecting license for the project in 2006. Prakash also said that Bharat Petroleum Corporation Ltd refinery in Bina will commence trial production next month.

BPCL has invested Rs 10,600 crore (Rs 106 billion) in the refinery and over 90 per cent of the work is complete as of now, he said.

Bina refinery is set up by BPCL's subsidiary Bharat Oman Refineries Limited and will have a capacity to process six million tonnes of crude per annum.