Rio Tinto Sees 15-percent Drop in Diamond Production

Rio Tinto plc’s (ASX:RIO,NYSE:RIO,LSE:RIO) diamond production dropped 15 percent from Q3 2013 to Q3 2014, Rapaport reported. Specifically, the diamond powerhouse put out 3.549 million carats this past quarter.

As quoted in the market news:

Diamond production at Argyle fell 20 percent to 2.455 million carats. Rio Tinto successfully commissioned a second crusher at the mine during the period, which drove production rates higher, offsetting lower grades, and kept carat production in line with the previous quarter.

Diamond production at Diavik rose 0.1 percent to 1.004 million carats, but declined 5 percent compared with the previous quarter as a result of lower grades and throughput after the majority of stockpiled ore was processed during the first half.

Meanwhile, production at Murowa rose 29 percent to 90,000 carats as a result of higher grades and processing rates.

Click here to read the full Rapaport report.