MARKETS SPECTATOR: Walsh's diamond dynasty continues

Sam Walsh may heading up a cost cutting drive at Rio Tinto, but he won't be railroaded into the fire sale of non-core units.

Diamonds are forever for Rio Tinto’s boss Sam Walsh. That view has not been shared by many investors who have long wanted a sale of Rio’s diamond business. Today their hopes have been squashed. They should not be surprised. Walsh signaled the retention of the business, which produces about 20 per cent of the world’s rough diamonds, in an interview with the UK’s Daily Telegraph earlier this month. Walsh said, when asked about a sale of the company’s diamond unit, that: “I'd be quite happy to keep it”.


SMS Code Sent…

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

If you didn't receive SMS code please

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device

Verify your mobile number to unlock a FREE trial

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa

Related Articles