Rio Gives Dozens of Diamond Miners The Heave Ho

Rio Tinto may have decided to continue running operations at the three diamond mines it owns, but that's no guarantee that the people currently working there are going to keep their jobs. The drive to cut costs, which initially led to Rio's year-long failed attempt to divest of its diamond industry assets, has taken a different toll: seventy-eight workers at the firm's Argyle diamond mine in Western Australia have been let go, Rough and Polished reports. The employees who received their pink slips all work for Rio's subcontractor Macmahon.

Rio endeavored to shed its shares in Argyle, as well as its 60% stake in Canada's Diavik mine and its 78% stake in Zimbabwe's Murowa mine, since they are not nearly as profitable as some of the mining giant's other ventures, like iron ore processing.

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