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Rio Tinto Diamond Sales Rise

Aug 3, 2016 5:53 AM   By Rapaport News
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RAPAPORT... Rio Tinto’s revenue from diamonds increased in the first half of 2016 but earnings slumped amid a weaker Asian market and mixed trends in rough prices.

Rough sales climbed 3.3 percent to $342 million, while net earnings slid 29 percent to $22 million, the miner reported.

“The U.S. consumer market was steady, however demand from India and China continued to be slower due to local market factors,” Rio Tinto said. “Rough diamond prices varied across product segments.”

Production increased 2.1 percent to 9 million carats due to a continued ramp-up of underground operations at the Argyle mine in Australia, which outweighed lower grades at the Diavik mine in Canada. Rio Tinto expects to produce 18 to 21 million carats in 2016, down from an initial forecast of 21 million carats.
Tags: Argyle, asia, Australia, Canada, China, Diavik, India, mining, Production, Rapaport News, Rio Tinto, Rio Tinto Diamonds, rough prices, rough sales, u.s.
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