Rio Tinto Diamond Production Falls

RAPAPORT... Diamond production at Rio Tinto dropped 18% year on year inthe first quarter of 2019, as the miner recovered lower-grade ore at its twodeposits. Production came to 3.8 million carats for the three monthsending March 31, the company said Tuesday. The Argyle mine in Australia yielded2.8 million carats, a 22% decrease compared to the same period last year. Thedecline was due to the processing of lower-grade ore. Rio Tinto's share of production at Diavik fell 5% to 1million carats. The lower grades recovered at the deposit were partially offsetby higher ore processing, the miner said. Rio Tinto owns a 60% stake in theCanadian facility, with Dominion Diamond Mines holding the remainder. Rio Tinto expects to produce 15 million to 17 million carats in 2019, compared to 18.4 million carats last year. Image: An aerial view of the Diavik mine. (Rio Tinto)