Sales at Rio Tinto’s Diamond Unit Fall Amid Mine Closure

Rio Tinto’s diamond revenue dropped in the first half of 2026 as the miner processed remaining ore from its shuttered deposit.

Sales from the Diavik mine in Canada slipped 27% year on year to $118 million for the six months that ended June 30, the company said Tuesday. Underlying earnings before interest, taxes, depreciation and amortization (EBITDA) fell to a loss of $72 million, wider than the $55 million deficit it registered a year earlier.

The miner closed Diavik in March, after it reached its end of life. However, it will continue to process and sell final production until at least the end of 2026.

Rio Tinto expects to spend approximately $1 billion over the coming years on mine closure and rehabilitation for Diavik, as well as for the Argyle diamond mine, which shut in 2020, and a few other sites.

Meanwhile, the company produced 1.1 million carats of rough in the first half, down 51% from the same period of 2025.

Image: Rough diamonds. (Diavik Diamond Mines)