Report: Harry Winston in Advance Talks to Buy 60% of Diavik from Rio Tinto

(IDEX Online News) – Harry Winston Diamond is in advanced talks to buy Rio Tinto's 60 percent stake in the Diavik Mine, the Financial Times reported Friday.

Today Rio Tinto mines Diavik on behalf of both of the companies. If the deal completes, Harry Winston, which has no actual mining experience, may also buy Rio's fully owned subsidiary Diavik Diamond Mine Inc (DDMI). DDMI is the firm that mines Diavik.

Rio and BHP Billiton are looking for buyers for the diamond assets. So far, neither sold any of their diamond mines.