Rio Tinto Cuts Diamond Production Outlook

The miner expects to produce between 18 million and 20 million carats, compared with an earlier forecast of 18 million to 21 million carats.

The adjustment came as Rio Tinto reported diamond production increased 3.4 percent to 4.4 million carats in the three months that ended September 30. The company’s share of output at the Diavik mine in Canada jumped 22 percent to 927,000 carats, outweighing a 0.6 percent decrease in production to 3.5 million carats at the Argyle mine in Western Australia.

Rio Tinto fully owns the Argyle mine and 60 percent of Diavik, the remainder of which is held by Dominion Diamond Corporation.

In the nine months to September 30, Rio Tinto’s total diamond production advanced 2.5 percent to 13.4 million carats. Argyle output grew 2.7 percent to 10.4 million carats, while the company’s share of Diavik output grew 2 percent to 3 million carats.