Production Rises at Rio Tinto

RAPAPORT... Diamond production at Rio Tinto rose 7% year on year to 4.6million carats in the second quarter of 2018, driven by an increase in outputfrom its Argyle mine. The miner's Australian asset yielded 3.5 million carats inthe three months ending June 30, an increase of 8% over the same period lastyear. The growth was due to a rise in the amount of ore processed, the companysaid Tuesday. Rio Tinto's share of production at Diavik rose 3% to 1.2million carats. The miner owns a 60% stake in the Canadian facility, with DominionDiamond Mines holding the remainder. Development of Diavik's A21, a fourth pipe located justsouth of the mine's existing operations, is operating ahead of schedule, thecompany said. The company extracted the first ore in March, and expects theproject to reach full production capacity in the fourth quarter. Output at Argyle jumped 13% in the first half of the year,reaching 7 million carats, while production at Diavik fell 2% to 2.2 millioncarats for the period, mainly reflecting lower first-quarter production. Total yieldfor both mines climbed 9% to 9.2 million carats for the six months. The miner expects to produce 17 million to 20 million caratsfor the year, compared to 21.6 million carats last year. Image: Diavik mine processing plant. Credit: Rio Tinto