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Rio Tinto's 2Q Diamond Production +3%

Jul 17, 2012 2:59 AM   By Avi Krawitz
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RAPAPORT... Rio Tinto reported that its diamond production rose 3 percent year on year to 2.808 million ‎carats in the second quarter of 2012. Growth was driven by increased output at the Australia-‎based Argyle mine, which achieved higher grade ore as the company shifts toward ‎underground mining at the operation.‎

Production at Argyle increased 6 percent to 1.677 million carats during the quarter. Rio Tinto ‎explained that ore feed grades continue to vary as the Argyle open pit draws to a close. The ‎underground mine is scheduled to commence in the first half of 2013.‎

Production at the Diavik mine in Canada was flat during the quarter with Rio Tinto’s share ‎amounting to 1.075 million carats. Rio Tinto owns 60 percent of Diavik with Harry Winston ‎Diamond Corporation owning the remaining stake.‎

Production at the Murowa mine in Zimbabwe fell 30 percent with Rio Tinto’s 78 percent share ‎amounting to 56,000 carats. ‎

During the first half of 2012, group production rose 18 percent year on year to 6.167 million ‎carats. Rio Tinto forecast that full year diamond production would reach 14.6 million carats, ‎which would represent an increase of 25 percent from 2011. ‎

In March, Rio Tinto announced that it is considering divesting from its diamond business. ‎   ‎
Tags: Argyle, Avi Krawitz, diamonds, Diavik, Murowa, Rapaport, Rio Tinto, Rough Diamonds
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