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Rio Tinto Diamond Revenue Declines

Aug 1, 2018 9:34 AM   By Rapaport News
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Diamond sales at Rio Tinto fell 5% to $323 million in the first half of the year, the miner reported Wednesday.

Net profit for the division nearly tripled to $55 million from $19 million a year ago. Production increased 9% to 9.2 million carats primarily due to higher output at the Argyle mine, offsetting lower recovery levels at Diavik.

Rio Tinto’s development of the A21 project, an expansion of the Diavik mine, is ahead of schedule, the company said. It expects the extension to reach full production during the fourth quarter.

The miner maintained its overall production forecast of 17 million to 20 million carats for this year.

Rio Tinto holds 100% of the Argyle mine in Australia, as well as 60% of Diavik in Canada, which it owns in partnership with Dominion Diamond Mines.
Tags: Argyle mine, Diavik mine, Dominion Diamond Mines, Rapaport News, Rio Tinto
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