Rapaport News



Rapaport Broadcast
Martin Rapaport Addresses Israel Diamond Week
February 12 2020

Advanced search
Latest Articles
Rough Markets
Polished Markets

Rio Tinto Incurs Loss in Diamond Division

First-half sales decline amid weak rough prices.
Aug 1, 2019 4:39 AM   By Rapaport News
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
AlrosaNew Alrosa Mine Yields 17ct. Yellow
Feb 23, 2020
Alrosa has recovered a 17.44-carat, bright-yellow, gem-quality diamond at its Verkhne-Munskoye...
De Beers Optimistic After 2019 Earnings Slump
Rio Tinto’s Canada Deal Hits Trouble
Lucapa Closing In On Diamond Source
PetraChallenging Market Weighs on Petra
Feb 17, 2020
Shares in Petra Diamonds slipped 16% in early trading Monday after...
Angola’s Annual Rough Revenue Rises
Gem Diamonds Sees Sales Decline in 2019
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us