RAPAPORT… Rio Tinto has begun mining the A21 pipe, an extension at its
Diavik asset that should allow the company to sustain production levels over
the next four years.
The project took four years to construct at a cost of $350 million.
A21 is the fourth pit at Diavik, which is located in Canada’s Northwest
Territories. The company began processing ore from the pipe in March, and
expects to reach full production during the fourth quarter.
“This investment…reflects the strong outlook we see for the
diamond industry,” Arnaud Soirat, CEO of Rio Tinto Copper and Diamonds, said
Monday. “It is a remarkable achievement to deliver this project safely and
ahead of time in such a challenging environment, positioning Diavik to continue
meeting the demand for its outstanding diamonds.”
Rio Tinto owns a 60% share in Diavik, with the remaining 40% held
by Dominion Diamond Mines.
Image: Rio Tinto
Rio Tinto Opens New Pipe at Diavik
The Bottom Line
- Rio Tinto invested $350 million over four years to develop the A21 pipe at Diavik in Canada’s Northwest Territories.
- Ore processing from A21 began in March, with full production expected by the fourth quarter.
- Rio Tinto holds a 60% stake in Diavik, while Dominion Diamond Mines owns the remaining 40%.
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