Rio Tinto Output Gains from Diavik Buyout

RAPAPORT... Diamond production at Rio Tinto jumped in the third quarter as the company benefited from taking full ownership of the Diavik mine.The global resources giant assumed possession of the Canadian deposit in November 2021 after Dominion Diamond Mines, which previously owned 40% of the site, hit financial difficulties.As a result, Rio Tinto's share of Diavik production rose 43% year on year to 1.2 million carats in the three months ending September 30, the company reported Tuesday. However, total output at the mine was 14% lower than a year earlier, when the asset yielded 1.4 million carats of rough.Diavik is Rio Tinto's only active diamond mine following the closure of the Argyle deposit in Australia in 2020. For the first nine months of 2022, Rio Tinto's diamond production increased 24% year on year to 3.3 million carats, while total output from Diavik slipped 26%.Image: The Diavik mine. (Rio Tinto)