Rio Tinto Q3 Diamond Output Shrinks 8% To 4.2 Million Carats On Lower Argyle Grades

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Rio Tinto’s third-quarter diamond production fell 8% year-on-year to 4.2 million carats on account of lower grades at the soon-to-be-closed Argyle mine.

For the quarter that ended 30th September, 2020, carat production at the mine in Australia was 10% lower, at 3.203 million carats, than the same period of 2019 as a result of a reduction in recovered grade, Rio Tinto said. The company is preparing for the safe winding-up of Argyle operations before the end of 2020, followed by closure activities to commence in 2021.

At the Diavik mine in Canada, diamond output in the third quarter of 2020 was 1% higher, at 1.00 million carats, than the third quarter of 2019, due to higher ore availability and higher processed tonnes.

In the January-September 2020 period, Rio Tinto’s diamond output fell 7% year-on-year to 11.87 million carats. Its full-year production guidance is expected to be around 12 to 14 million carats, down from 17 million carats in 2019.

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News Source : gjepc

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