Rio Tinto Production Rises

RAPAPORT... Diamond production at Rio Tinto rose 7% year on year in the second quarter of 2018, driven by an increase in outputfrom its Argyle mine.Production came to 4.6 million carats for the three months ending June 30, the company said Tuesday. The Argyle asset in Australia yielded 3.5 million carats, an increase of 8% over the same period lastyear. That growth was due to a rise in the amount of ore processed. 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