Rio Tinto Output Falls Amid Argyle Closure

RAPAPORT... Rio Tinto's diamond production fell in 2020 as the miner reduced output from its Argyle site in Australia in preparation for its shutdown.Total production slid 14% to 14.7 million carats for the full year, the company said Tuesday. Output at Argyle dropped 16% to 10.9 million carats, with the miner retrieving the last rough before the deposit's closure on November 3.Rio Tinto's share of production at the Diavik mine in Canada declined 7% to 3.7 million carats. An increase in the amount of ore processed only partially offset a 10% reduction in the grade, Rio Tinto noted.Total recoveries contracted 33% year on year to 2.8 million carats for the fourth quarter. A 44% dip to 1.9 million carats at Argyle outweighed an 8% rise at Diavik to 910,000 carats.The company expects to produce between 3 million and 3.8 million carats from Diavik in 2021.Rio Tinto fully owns Argyle, and holds a 60% stake in Diavik, with Dominion Diamond Mines owning the remaining 40%.Image: Rough diamonds from the Diavik mine. (Diavik Diamond Mines)