MINER Rio Tinto has rejected a London newspaper report that it had abandoned the battle for Australia’s Ashton Mining Ltd in the face of a higher bid by rival De Beers. The Times said Rio had pulled out after De Beers increased its bid to A$745m for Ashton, which owns 40% of Argyle – the world’s biggest diamond mine. The Times said Rio was believed to see no value in trying to top the De Beers offer, particularly since Rio already operates the prized Argyle mine with a majority stake. De Beers’ new A$2.28 a share offer is pitched well above Rio’s rival A$1.85 a share cash bid and the original De Beers offer of A$1.57 a share. – Reuters