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Rio Tinto Incurs Loss in Diamond Division

First-half sales decline amid weak rough prices.
Aug 1, 2019 4:39 AM   By Rapaport News
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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
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