Rio Tinto Okays Development of A-21 Pipe at Diavik Mine

Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) announced that Rio Tinto plc (ASX:RIO,NYSE:RIO,LSE:RIO) has okayed the development of the A-21 pipe at the Diavik diamond mine.

Dominion holds a 40-percent stake in the mine, while a subsidiary of Rio Tinto operates it.

As quoted in the press release:

DDMI has estimated the total capital cost for the development of the A-21 pipe to be approximately US$350 million at the Company’s estimated Canadian/US dollar exchange rate of $1.11 (on a 100% basis), with the Company’s share being US$140 million. The A-21 resource is well understood, and A-21 diamond production is planned for late calendar 2018. The A-21 production will provide an important source of incremental supply for Diavik, ensuring the continuation of existing production levels.

 Click here to read the full Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) press release.