|
|
Rio Tinto's 2Q Diamond Production +3%
Jul 17, 2012 2:59 AM
By Avi Krawitz
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|