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.
The Bunder Diamond Mine, located in Chhattarpur district of Madhya Pradesh, India, has been sold to Essel Mining, a company owned by the Aditya Birla Group, which will acquire mining rights with a 50-year government lease. The Bunder mine is estimated to have reserves of about 34 million carats.
Rio Tinto reports rough diamond output at its Argyle Mine in Australia nearly hit 3.5 million carats for the second straight quarter in 2018 (3.48 million carats in Q2, 3.5 million carats in Q1), marking an 8% increase over output in the second quarter of 2017 and continuing the gains recorded in the first quarter. The mining giant has now topped 7 million carats produced at Argyle in the first half of 2018, a 13% increase over the first half of 2017. Rio Tinto attributes the increase over Q2 2017 to an increase in tons processed following improved plant availability.
In the midst of a five-day Belgian State visit to India, the Antwerp World Diamond Centre (AWDC) - umbrella organization for the Antwerp diamond industry - joined hands with its Indian counterpart, the Gem and Jewellery Export Promotion Council (GJEPC), to host a roundtable discussion today (Nov. 9) in Mumbai concerning the contributions of the diamond industry to social and economic development.
Following reports surfacing just over a week ago that Indian resource conglomerates Vedanta (controlled by London-based Indian Anil Agarwal) and Adani (controlled by Gautam Adani) might bid for a $9 billion diamond project in the country that was abandoned by Rio Tinto this year, Reuters is now reporting India’s state-owned miner NMDC Ltd plans to place a $9 billion bid for the diamond project.
Australian-British multinational mining conglomorate Rio Tinto has released its third quarter production results, reporting a stong performance from its operations in Australia (Argyle) and Canada (Diavik). At the Argyle diamond mine in the remote East Kimberley region of Western Australia, quarterly production of 4.76 million carats was 36 percent higher than the third quarter of 2016, and a full 48 percent higher than Q2 2017 due to the processing of higher grade alluvial tailings.
Independent analyst and consultant on diamonds and the mining industry, and publisher of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky has published an in-depth article, "The Discovery of Newsworthy Diamonds is Increasing", analysing the rise of noteworthy diamond recoveries in the past five years in particular. Reprinted from Paul Zimnisky Diamond Analytics, courtesy of Paul Zimnisky.
Rio Tinto created a signature piece of jewelry featuring champagne and cognac diamonds from its Argyle diamond mine, which they havee showcased in New York in celebration of their unique Australian provenance and the diamond ties that bind Australia and the US. The Origins of Argyle statement necklace features more than 45 carats of cascading champagne and cognac diamonds and a 3.55 carat white diamond from the Argyle diamond mine.
Rio Tinto on Friday signed an option agreement positioning it to potentially become the majority owner of the Star-Orion South Diamond Project, an advanced-stage diamond exploration project about 60 kilometres east of Prince Albert, Canada.
Against the background of a bear market for iron ore in full tilt, a 43-day strike at the world's largest copper mine causing its output to fall 37% and the Group edging closer to an exit from thermal coal after winning approval from Australia’s foreign investment regulator to sell the bulk of its mines for $2.45 billion, the Rio Tinto Group's Q1 diamond output dropped 8% year on year to 4.152 million carats.
London-based miner Gem Diamonds has appointed Harry Kenyon-Slaney as an independent Non-Executive Director and Chairman of the Company to succeed Roger Davis, who will be stepping down at the Annual General Meeting on 6 June 2017. Kenyon-Slaney has over 33 years of experience in the mining industry, principally with Rio Tinto.
Canadian diamond miners Dominion Diamond Corp and Stornoway Diamond Corp have held talks about a potential merger in recent months, reports Reuters. The people that disclosed the matter declined to be named as the discussions are private. "The talks include Stornoway's chief executive officer and president, Matt Manson, becoming CEO of the merged group, one source said, adding that the discussions on an all-share merger started in January.
Dominion Diamonds has announced that sales of Ekati Diamond Mine and Diavik Diamond Mine diamonds fell 27% in Q4 2017 (November 2016 through January 2017) and 21% overall in FY 2017, despite the quantity of diamonds sold increasing 24% in Q4 and 61% for the year. It has also provided Q4 production results from its Ekati Mine, where carat production increased by 93% compared to the same period in the prior year due to the positive impact of processing of a large proportion of high grade Misery ore.
Rio Tinto has released its fourth quarter production results for 2015, reporting production of 4.27m carats of rough diamonds, or a 50% increase from the 2.84m carats mined in Q4 2014. This brought total production for 2015 to 17.4m carats, a 25% increase over the 13.9m carats recovered in 2014. At its Argyle Mine in Australia, the 2015 ramp-up of production from the underground mine delivered a 47% increase in carats produced compared to 2014. In Q4 2015, Argyle produced 3.37m carats, representing an 86% increase over Q4 2014.
The large diamond producers can bring stability to the diamond market and restore profitability to the industry's midstream by cutting back volumes of rough sales, said Israel Diamond Exchange President Shmuel Schnitzer, and Israel Diamond Manufacturers Association President Jacob Korn, for by indirectly reducing supplies.