Minerals and metals exploration giant Rio Tinto Limited (ASX: RIO) is known for its iron ore production, but its Canadian diamond mind Diavik could be Rio’s best kept secret.
A report in The Australian this week detailed the unique operation – located 220km south of the Arctic Circle and renowned for the discovery of a 187.7 carat diamond back in 2016.
According to the article, Rio owns 60% of the Diavik mine, and is a force to be reckoned with in the global diamond market with its 100%-owned pink diamond Argyle mine in Western Australia’s Kimberley region.
While commodity brother BHP Billiton Limited (ASX: BHP) is well-known for its iron ore and copper production, BHP has no interest in diamonds, so could this investment be what sets RIO apart from its peers in the future?
On the topic of diamonds it would be remiss not to mention virtually-unknown small cap diamond producer Lucapa Diamond Co Ltd (ASX: LOM) who discovered a 400-carat diamond back in 2016 which saw its share price storm higher at the time.
Rio is considered a formidable blue chip by many.
Check out our top 3 ASX Blue Chips To Buy In 2018
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.