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Rain at Argyle Dampens Rio Tinto’s Diamond Offering

Rough output declines 2% in the second quarter.
Jul 19, 2017 3:34 AM   By Rapaport News
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Rio Tinto’s rough-diamond output declined 2% to 4.3 million carats in the second quarter as wet weather restricted production levels at the Argyle mine.

Output from the mine in Western Australia fell 8% to 3.2 million carats compared to the corresponding period last year, the miner said on Tuesday. Ore-processing volumes were lower due to the conditions and because of maintenance work that took place during the quarter.

Rio Tinto’s share of production at the Diavik mine in Canada rose 18% to 1.1 million carats due to both increased processing volumes and higher recovered grades, it said. The company owns a 60% stake in the project in a joint venture with Dominion Diamond Corporation.

In the first half, Rio Tinto’s total diamond production dropped 5% year on year to 8.5 million carats, with output from Argyle sliding 9% to 6.2 million carats. The miner’s share of production from Diavik rose 8.5% to 2.3 million carats.

Total production from Diavik, including Dominion’s share, rose 18% to 1.9 million carats in the second quarter and increased 8.5% to 3.8 million carats in the first half.

Rio Tinto kept its production outlook for the full year at 19 million to 24 million carats, representing an increase from actual output of 18 million carats in 2016.

Image: Copyright © 2017 Rio Tinto
Tags: Argyle, Argyle mine, Australia, Canada, Diavik, Diavik mine, Dominion, Dominion Diamond Corporation, mining, Production, Rapaport News, Rio Tinto, Rough Diamonds, Rough Production, Western Australia
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