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Rio Tinto Production Grows

Jul 17, 2018 8:39 AM   By Rapaport News
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RAPAPORT... Diamond production at Rio Tinto rose 7% year on year in the second quarter of 2018, driven by an increase in output from its Argyle mine.

Production came to 4.6 million carats for the three months ending June 30, the company said Tuesday. The Argyle asset in Australia yielded 3.5 million carats, an increase of 8% over the same period last year. That growth was due to a rise in the amount of ore processed.

Rio Tinto’s share of production at Diavik rose 3% to 1.2 million carats. The miner owns a 60% stake in the Canadian facility, with Dominion Diamond Mines holding the remainder. 

Development of Diavik’s A21, a fourth pipe located just south of the mine’s existing operations, is operating ahead of schedule, the company said. The company extracted the first ore in March, and expects the project to reach full production capacity in the fourth quarter.

Output at Argyle jumped 13% in the first half of the year, reaching 7 million carats, while production at Diavik fell 2% to 2.2 million carats for the period, mainly reflecting lower first-quarter production. Total yield for both mines climbed 9% to 9.2 million carats for the six months.

The miner expects to produce 17 million to 20 million carats for the year, compared to 21.6 million carats last year.

Image: Diavik mine processing plant. Credit: Rio Tinto
Tags: Argyle, Diavik, Dominion Diamond Mines, Rapaport News, Rio Tinto
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