Rio Tinto has lowered its 2020 rough diamond production guidance to 12-14 million carats, down from 17 million carats produced in 2019 and 18.4 million carats the year prior.
This declining trend comes as no surprise and Rio's guidance reflects the expected closure of Argyle in the fourth quarter of 2020, as well as lower grades at the Diavik mine in Canada. The Diavik mine is a joint venture in which Rio Tinto is the majority (60/40) partner, with Dominion Diamond Mines holding the remaining share. The Argyle mine has produced more than 825 million carats of rough diamonds since it began production in 1983.
Image: Argyle mine, courtesy of Rio Tinto