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Rain at Argyle Dampens Rio Tinto’s Diamond Offering
Jul 19, 2017 3:34 AM
By Rapaport News
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RAPAPORT... Rio Tinto’s rough-diamond output declined 2% to 4.3 million
carats in the second quarter as wet weather restricted production levels at the
Argyle mine.
Output from the mine in Western Australia fell 8% to 3.2
million carats compared to the corresponding period last year, the miner said on
Tuesday. Ore-processing volumes were lower due to the conditions and because of
maintenance work that took place during the quarter.
Rio Tinto’s share of production at
the Diavik mine in Canada rose 18% to 1.1 million carats due to both increased
processing volumes and higher recovered grades, it said. The company owns a 60% stake in the project in a joint venture with Dominion Diamond Corporation.
In the first half, Rio Tinto’s
total diamond production dropped 5% year on year to 8.5 million carats, with output from Argyle
sliding 9% to 6.2 million carats. The miner’s share of production from Diavik
rose 8.5% to 2.3 million carats.
Total production from Diavik,
including Dominion’s share, rose 18% to 1.9 million carats in the second
quarter and increased 8.5% to 3.8 million carats in the first half.
Rio Tinto kept its production
outlook for the full year at 19 million to 24 million carats, representing an
increase from actual output of 18 million carats in 2016.
Image: Copyright © 2017 Rio Tinto
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Tags:
Argyle, Argyle mine, Australia, Canada, Diavik, Diavik mine, Dominion, Dominion Diamond Corporation, mining, Production, Rapaport News, Rio Tinto, Rough Diamonds, Rough Production, Western Australia
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