Advanced Search

Rio Tinto Incurs Loss in Diamond Division

Aug 1, 2019 4:39 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Weak rough prices pushed Rio Tinto’s diamond unit into the red in the first half of the year, the miner reported Thursday.

The division recorded a net loss of $5 million for the six months ending June 30, compared with a profit of $55 million a year ago. Diamond sales fell 16% to $271 million for the period.

Production dropped 10% to 8.3 million carats, primarily due to a 13% decrease in output at the Argyle mine in Australia amid lower ore grades. Recoveries at the Diavik deposit in Canada fell 1%, as reduced grades outweighed higher processing volumes. The miner maintained its overall production forecast of 15 million to 17 million carats for this year.

Rio Tinto holds 100% of Argyle, as well as 60% of Diavik, which it owns in partnership with Dominion Diamond Mines.

Image: An aerial view of the Diavik mine. (Dominion Diamond Mines)
Tags: Argyle, Argyle mine, Diavik, Diavik mine, Dominion Diamond Mines, Rapaport News, Rio Tinto
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.