RAPAPORT… Rio Tinto’s rough-diamond production from its Diavik mine in Canada rose in the first quarter amid the recovery of higher-grade ore.
Output climbed 18% year on year to 1 million carats for the three months ending March 31, the company said Tuesday. The miner saw improvements to the productivity of its processing plant, as well as greater ore availability and higher grades.
The company expects total diamond recoveries for the year to come to between 3 million and 3.8 million carats. This year is the first to exclude output from the miner’s Argyle site in Australia, which closed in November. Full production for 2020 came to 14.7 million carats. However, output for Diavik alone was 3.7 million carats last year, Rio Tinto noted.
Rio Tinto owns a 60% stake in Diavik, with Dominion Diamond Mines holding the remainder.
Image: Rough diamonds from the Diavik mine. (The Diavik Diamond Mine)
Higher Grades Drive Rio Tinto Production
The Bottom Line
- Diavik mine's rough-diamond output rose to 1 million carats in Q1, an 18% increase year over year.
- Production gains resulted from higher-grade ore, better processing plant productivity, and increased ore availability.
- 2023 marks the first year without output from Rio Tinto's closed Argyle mine; total diamond recoveries are projected between 3 million and 3.8 million carats.
More Stories
Deloitte: Holiday Spending to Reach $1.71T
US revenue is likely to increase up to 4.8% year on year from November 2026 through January 2027.
Emerald Prices Improve at Gemfields Auction
Miner sells 100% of its 3 million carats of commercial-quality goods for $29.6 million.
Sarine Opens New Lab in Mumbai
Company also has facilities in New York and Surat.
