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Tag Archives: Rio Tinto

  • Even More Diamonds for us to Love!

     

     

    One of the most famous diamond mines in the world, Rio Tinto, increased its diamond production to 4.158 million carats in the third quarter of 2013, up 12 percent year on year. Following the full commissioning of the Argyle underground mine in Western Australia in April 2013, the growth in production was instigated by an increase in the amount of processing of higher grade ore.

    A rise of 26% in production at Argyle to 3.085 million carats was enjoyed during the quarter with the amount of ore processed; 2.088 million tonnes, up 20 percent.

    Rio Tinto's production at the Canada-based Diavik mine fell 13 percent to 1.003 million carats due to a lower grade ore mined during the quarter.  Rio Tinto owns a 60% stake in the mine.  It also owns a 78% stake in the Zimbabwe mine, Murowa, its share of production declining to 70,000 carats, or 24%

    Rio Tinto’s total diamond production rose 17 percent to 11.529 million carats during the first nine months of the year. Production at Diavik dropped 3 percent to 3.106 million carats during the nine months while production at the Argyle mine, famous for the Argyle pink diamond rose 27% to 8.205 million carats. The company's share of production at Murowa rose 1 percent to 217,000 carats.

    The expectation is for Rio Tinto to mine 15.7 million carats of diamonds in 2013 compared to 13.122 million carats recovered from their mines last year.

  • RIO TINTO TO HOLD ON TO DIAMOND MINING INTERESTS

     

    After much deliberation and changes of heart as to whether to sell its mining interests or to float them on the Stock Exchange, Global miner Rio Tinto has decided not to sell its diamond mining interests in Australia, Canada and Zimbabwe. After discovering that the long-term view for the diamond market is very positive, the company says it will continue as owner and operative.  They say this has been guided by an upturn in demand from Asia for high-end luxury products.  North America has also been pinpointed as a source of very high demand.

    After strong interest from Dominion Diamond Corporation, Petra Diamonds and De Beers, Alan Davies, Rio Tinto Diamonds and Minerals C/O said the company's diamonds businesses were well-positioned to capitalise on the positive market outlook.

    "After considering a number of alternative strategic ownership options, it is clear the best path to generate maximum value for our shareholders is to retain these businesses," Mr Davies said.

    Analyst, David Lennox said the announcement that Rio Tinto had taken its diamond interests off the market was a fairly clear indication that they had not achieved the price they were looking for. Lennox said, "They weren't a keen seller, but had they got the price they wanted it would have been sold. They've certainly done all they can to ensure that production stays in line, it's just that it is getting more costly and they're not getting significant finds of valuable diamonds," he said.

    Argyle produces around 90 per cent of the world's supply of rare pink diamonds and is the world's largest supplier of natural coloured diamonds.

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