Advanced Search

Rio Tinto Diamond Revenue Declines

Aug 1, 2018 9:34 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

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
Similar Articles
Renard mine 150Stornoway Notes Poor Small-Stone Market
Oct 14, 2018
Stornoway Diamond Corporation’s average price fell quarter on quarter in the three months ending September 30 due
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
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.