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Argyle Decline Weighs on Rio Tinto Output
Apr 20, 2017 4:14 AM
By Rapaport News
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RAPAPORT... Rio Tinto’s diamond production fell in the first quarter, as its Argyle mine in Australia yielded a reduced volume and lower grade of ore.
Group output dropped 8% year on year to 4.152 million carats for the three month period, with Argyle’s production down 11% to 3.016 million carats, Rio Tinto reported Thursday. Argyle’s operations shifted underground in 2013, helping extend the life of mine to 2020.
Rio Tinto also owns 60% of the Diavik mine in Canada, where first-quarter production was in line with the previous year at 1.136 million carats. Dominion Diamond Corporation owns the remaining 40% of Diavik.
Rio Tinto maintained its forecast to recover between 19 million and 24 million carats this year, representing an increase from the 17.953 million carats it mined in 2016.
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Tags:
Argyle, diamonds, Diavik, Rapaport News, Rio Tinto
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