British mining major, Rio Tinto, will be investing Rs 370-crore for exploration and mining of diamonds in Madhya Pradesh's Bunder town over the next three years, a senior State Government official said.
The Madhya Pradesh Government and Rio Tinto will be signing a Memorandum of Understanding (MoU) soon for the same, Madhya Pradesh's Additional Chief Secretary (Commerce, Industry and Employment), Satya Prakash, told reporters on the sidelines of an ASSOCHAM event here today.
Rio Tinto was given prospecting license for the project in 2006. Prakash also said that Bharat Petroleum Corporation Limited's (BPCL)'s refinery in Bina will commence trial production next month.
BPCL has invested Rs 10,600-crore 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 be having a capacity to process 6-million tonnes of crude per annum.
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