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Diavik Production Falls in 2021

Jan 18, 2022 8:06 AM   By Rapaport News
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 Production at the Diavik mine in Canada dropped 6% year on year in 2021, owner Rio Tinto said Tuesday.

Output at the deposit came to 5.8 million carats, primarily due to issues with plant performance in the fourth quarter as well as the mining of lower-grade ore during that period, the company explained.

Rio Tinto closed its Argyle mine in Australia at the end of 2020. As a result, total group production for 2021 fell 74% to 3.8 million carats, all of which came from its share of output at Diavik.

Meanwhile, Rio Tinto’s allocation of production from Diavik rose 3% year on year as it took on full ownership of the deposit in November. Prior to that, Rio Tinto owned 60% of the site, with Dominion Diamond Mines holding the remaining 40%. Rio Tinto was also awarded some of Dominion’s production up to that point in lieu of payment amid Dominion’s bankruptcy proceedings.

In the fourth quarter, Rio Tinto’s portion of recoveries from Diavik jumped 27% year on year to 1.2 million carats.

As the exclusive owner of Diavik, the company expects to produce between 5 million and 6 million carats in 2022.

Image: Rough diamonds from the Diavik mine. (Diavik Diamond Mines)
Tags: Canada, diamonds, Diavik, Diavik mine, Dominion Diamond Mines, Rapaport News, Rio Tinto, Rough Diamonds
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