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Rio Tinto Output Falls in 1H

Jul 16, 2019 7:18 AM   By Rapaport News
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Diamond production at Rio Tinto dropped 10% year on year in the first half of 2019, as the miner recovered lower-grade ore at its Argyle mine in Australia.

The company’s share of production at the Argyle and Diavik mines came to 8.3 million carats for the six months ending June 30, the company said Tuesday. Argyle yielded 6.1 million carats, a 13% decrease compared to the same period last year.

Rio Tinto’s share of output at Diavik fell 1% to 2.2 million carats, as lower grades in the first quarter outweighed an improvement in the second quarter, the miner said. Rio Tinto owns a 60% stake in the Canadian facility, with Dominion Diamond Mines holding the remainder.

The company’s production for all mines slipped 3% to 4.5 million In the second quarter. Production at Diavik rose 3% to 1.2 million carats, while recovery at Argyle dropped 5% during the period.

Rio Tinto expects to produce 15 million to 17 million carats in 2019, compared to 18.4 million carats last year.

Image: Argyle mine. (Rio Tinto)
Tags: Argyle, Argyle mine, Diavik, Diavik mine, Dominion Diamond Mines, Rapaport News, Rio Tinto
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